UNITED STATES SECURITIES AND EXCHANGE COMMISSION
		    Washington, D.C.  20549


			 FORM 10-Q


		      QUARTERLY REPORT


Under Section 13 or 15(d) of the Securities Exchange Act of 1934


	   FOR THE QUARTER ENDED September 30, 1996


		 Commission File No. 0-19564


	     FGIC SECURITIES PURCHASE, INC.
		A Delaware Corporation
       IRS Employer Identification No. 13-3633082
	115 Broadway, New York, New York  10006
	     Telephone - (212) 312-3000


	Indicate by check mark whether the Registrant (1) has filed all 
	reports required to be filed by Section 13 or 15(d) of the 
	Securities Exchange Act of 1934 during the preceding 12 months and 
	(2) has been subject to such filing requirements for the past 90 days.


			Yes   X                         No _____
							 


							  Shares Outstanding
Title of Class                                            at November 6, 1996 
______________                                            __________________
Common Stock (voting), $10.00 par value                            10



Registrant meets the conditions set forth in general instruction H(1)(a) and 
(b) of Form 10-Q and is therefore filing this Form 10-Q with the reduced 
disclosure format.


<PAGE>
<TABLE>


			FGIC Securities Purchase, Inc.
		(a wholly-owned subsidiary of FGIC Holdings, Inc.)
			Statements of Operations
				(Unaudited)




<CAPTION>               For The Three Months Ended   For The Nine Months Ended
				 September 30,             September 30,
			   1996            1995        1996             1995
			----------      ----------  ----------      ----------
<S>                        <C>             <C>         <C>             <C>

Liquidity fee Income    $2,981,297      $3,115,209  $8,991,230     $9,552,712   
Investment Income            -               -           1,414        142,167   
			__________      __________ ___________     __________
Total Revenues           2,981,297       3,115,209   8,992,644      9,694,879   
		
Gen. & Admin. expenses     103,569          67,653     258,218        526,330   
			__________      __________ ___________     __________
		
Income before provision  2,877,728       3,047,556   8,734,426      9,168,549   
       for income taxes __________      __________ ___________     __________
		

Provisions for                  
	income taxes
	Federal            931,665         986,646   2,827,771      2,968,318                   
	State and Local    215,830         228,567     655,082        687,641   
			__________      __________ ___________     __________
		

Total provisions for     1,147,495       1,215,213   3,482,853      3,655,959   
	income taxes    __________      __________ ___________     __________
		

Net income              $1,730,233      $1,832,343  $5,251,573     $5,512,590   
			__________      __________ ___________     __________


<FN>
	See accompanying notes to interim financial statements.

</TABLE>

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<TABLE>

      
			  FGIC Securities Purchase, Inc.
		(a wholly-owned subsidiary of FGIC Holdings, Inc.)
				Balance Sheets



<CAPTION>
ASSETS                                            September 30,    December 31,
						      1996            1995
						  ___________    ____________
						  (Unaudited)
<S>                                                    <C>             <C>
Short-term investments                          $     109,277     $   107,863
Liquidity fees receivable                           3,358,754       2,928,617
Due from affiliates                                21,164,828      12,556,461
Deferred tax asset                                  1,585,291       1,314,773
Other assets                                          323,679         323,679
						  ____________   ____________

	Total assets                              $26,541,829     $17,231,393
						  ____________   ____________

</TABLE>


<TABLE>
<CAPTION>

LIABILITIES AND STOCKHOLDER'S EQUITY

<S>                                                     <C>            <C>
Liabilities:

Deferred liquidity fee income                       $  400,872     $  353,348
Due to Financial Guaranty Insurance Co.                144,832         31,069
Commitment fees payable to GE Capital                  582,556        464,729
Accounts payable and accrued expenses                  257,973        231,596
Taxes payable                                       17,213,213     13,459,841
						    __________     __________

	Total liabilities                           18,599,446     14,540,583
						    __________     __________


Stockholder's Equity:

Common stock, par value $10.00 per share;
   10 shares authorized,issued and outstanding             100            100
Retained earnings                                    7,942,283      2,690,710
						    __________     __________

	Total stockholder's equity                   7,942,283      2,690,810
						    __________     __________
	Total liabilities and stockholder's equity $26,541,829    $17,231,393
						   ___________    ___________


<FN>
	See accompanying notes to interim financial statements.
</TABLE>


<PAGE>
<TABLE>


			    FGIC Securities Purchase, Inc.
		 (a wholly-owned subsidiary of FGIC Holdings, Inc.)
			  Statements of Cash Flows
				  (Unaudited)

<CAPTION>
						   For the Nine Months Ended
							   September 30, 
							1996            1995   
						    _________       _________
<S>                                                     <C>              <C>
      Operating activities:
      Net income                                   $5,251,573     $5,512,590
	Adjustments to reconcile net
	income to net cash provided by  
	operating activities:      
	Deferred income tax expense                  (270,518)       (291,888)         
	Change in taxes payable                     3,753,372       3,975,762 
	   Change in due from affiliates           (8,608,367)     (1,476,563)
	   Change in due to affiliates                113,763         241,709
	   Change in liquidity fees receivable       (430,137)     (2,154,533)
	   Change in deferred liquidity fee income     47,524         398,819
	   Change in Other Assets                        -            (70,000)
	   Change in accounts payable                  
	   and accrued expenses                        26,377         111,991 
	   Change in commitment fees 
	   payable to GE Capital                      117,827         146,324 
						   __________      __________

	Cash provided by operating activities           1,414       6,394,211
						   __________       _________

      Financing activities:

	Dividend paid                                    -         (5,500,000)
						   __________     ____________

	Cash used by financing activities                -         (5,500,000)
						   __________     ____________

	Net change in cash and cash equivalents         1,414         894,211
						   __________     ____________
	
	Cash and cash equivalents 
	at beginning of period                        107,863      11,001,794
						     ________     ____________

	Cash and cash equivalents 
	at end of period                             $109,277     $11,896,005
						    _________     ____________






<FN>
	       See accompanying notes to interim financial statements.


</TABLE>

<PAGE>

			  FGIC Securities Purchase, Inc.
	    (a wholly-owned subsidiary of FGIC Holdings, Inc.)
		   Notes to Interim Financial Statements
				September 30, 1996
				 (Unaudited)


(1)     Business
	--------

	FGIC Securities Purchase, Inc. ("FGIC-SPI") is a wholly-owned 
	subsidiary of FGIC Holdings, Inc. (the "Parent") which, in turn,     
	is wholly-owned by General Electric Capital Corporation 
	("GE Capital").  FGIC-SPI provides liquidity for certain floating 
	rate municipal securities whereby FGIC-SPI will, under certain 
	circumstances, purchase such securities in the event they are tendered 
	by the holders thereof as permitted under the terms of the respective 
	bond indentures.  As of September 30, 1996, FGIC-SPI had approximately 
	$2.8 billion (par and interest) of potential obligations under such 
	arrangements.  In order to obtain funds to purchase the securities, 
	FGIC-SPI has entered into standby loan agreements with GE Capital 
	totaling $4.0 billion at September 30, 1996, under which GE Capital will 
	be irrevocably obligated to lend funds as needed for FGIC-SPI to 
	purchase the securities.

(2)     Significant Accounting Policies
	-------------------------------

	The interim financial statements of FGIC-SPI in this report reflect 
	all normal recurring adjustments necessary, in the opinion of 
	management, for a fair statement of (a) results of operations for the 
	nine months ended September 30, 1996 and 1995, (b) the financial 
	position at September 30, 1996 and December 31, 1995, and (c) cash flows 
	for the nine months ended September 30, 1996 and 1995.

	These interim financial statements should be read in conjunction with 
	the financial statements and related notes included in the 1995 
	audited financial statements.  

	Significant accounting policies are as follows:

	Short Term Investments
	----------------------

	Short-term investments are carried at cost which approximates market 
	value.  For purposes of the statements of cash flows, FGIC-SPI 
	considers all highly liquid investments with original maturities of 
	three months or less to be cash equivalents.

	Revenue Recognition
	-------------------

	Fees are paid up-front and in installments.  Up-front fees are earned 
	on a straight-line basis over the life of the liquidity commitment, 
	and installment fees are earned straight-line over the installment 
	period.





<PAGE>

		Notes to Financial Statements (Continued)

	Fair Values of Financial Instruments
	------------------------------------

	The carrying amounts of FGIC-SPI's financial instruments, relating 
	primarily to short term investments and liquidity fees, approximate 
	their fair values.

	SEC Registration Fees
	---------------------

	SEC Registration fees are recognized as prepaid assets and are 
	expensed as FGIC-SPI is reimbursed for such fees by issuers as 
	transactions are consummated.

	Reserve for Losses
	------------------

	It is management's policy to establish a reserve for losses based 
	upon its estimate of the ultimate aggregate losses relative to its 
	obligations under the liquidity facility arrangements written.  At 
	September 30, 1996 management does not anticipate any losses relative 
	to such arrangements.

	Reclassifications
	-----------------

	Certain prior period balances have been reclassified to conform with 
	the current year presentation.


	(3)     Income Taxes
	-----------------

	Under an intercompany tax-sharing agreement with its parent, FGIC-SPI 
	is included in the consolidated Federal income tax returns filed by 
	GE Capital.  FGIC-SPI provides for taxes as if it filed a separate 
	tax return in accordance with SFAS No. 109.



















<PAGE>



			  FGIC Securities Purchase, Inc.
	   (a wholly-owned subsidiary of FGIC Holdings, Inc.)
	Management's Discussion and Analysis of Financial Condition
			 and Results of Operations
			     September 30, 1996

	Liquidity fees are received up-front at the inception of the contract
	and in installments over the life of the contract.  Up-front fees are
	earned on a straight-line basis over the life of the liquidity 
	commitment, and installment fees are earned straight-line over the 
	installment period.  For the nine months ended September 30, 1996, FGIC-SPI
	earned liquidity fees of $8,991,230 compared to $9,552,712 for the 
	nine months ended 1995. FGIC-SPI incurred $258,218 and $526,330 of 
	general and administrative expenses for the nine months ended September 30,
	1996 and 1995, respectively.  The reduction in general and 
	administrative expenses is primarily due to a decrease in the number 
	of new facilities closed during 1996.  The expenses incurred primarily
	include fees associated with establishing the liquidity facilities.


	For the third quarter of 1996, FGIC-SPI earned liquidity fees of $2,981,297 
	compared to $3,115,209 for the three months ended September 30, 1995. 
	FGIC-SPI incurred $103,569 and $67,653 of general and administrative 
	expenses for the three months ended September 30,1996 and 1995, 
	respectively. 

<PAGE>
			PART II - Other Information



Item 1. Legal Proceedings

	FGIC-SPI is not involved in any pending legal proceedings.


Item 2. Changes in Securities

	Omitted.


Item 3. Defaults on Senior Securities
	
	None.


Item 4. Submission of Matters to a Vote of Security Holders
	
	Omitted.


Item 5. Other Information

	None.


Item 6. Exhibits and Reports on Form 8-K

	a)      Exhibits

		Exhibit 27. Financial Data Schedule

	b)      Reports on Form 8-K

		None.



<PAGE>



			FGIC Securities Purchase, Inc.


				SIGNATURES




	Pursuant to the requirements of the Securities Exchange Act of 1934, 
	the Registrant has duly caused this report to be signed on its behalf 
	by the undersigned thereunto duly authorized.


					       FGIC SECURITIES PURCHASE, INC.
					       ______________________________
						       (Registrant)



   November 14, 1996                           ____________________
					       Ann C. Stern
					       President (principal
					       executive officer)



   November 14, 1996                           ____________________
					       Christopher Jacobs
					       Treasurer (principal
					       financial and 
					       accounting officer)