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, 2001


                           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                                           NOVEMBER 13, 2001
--------------                                           -----------------
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 OF CONTENTS
                                -----------------


                                                                            PAGE
                                                                            ----


PART I.  FINANCIAL INFORMATION


      Item 1.     Financial Statements

                  Balance Sheets                                             3
                  Statements of Operations                                   4
                  Statements of Cash Flows                                   5
                  Notes to Unaudited Interim Financial Statements          6 - 8


      Item 2.     Management's Discussion and Analysis of
                  Financial Condition and Results of
                  Operations  9



PART II. OTHER INFORMATION

      Item 1 - Item 6                                                        10


      Signatures                                                             11


                                     Page 2
<PAGE>
ITEM 1.        Financial Statements and Supplementary Data.

<TABLE>
<CAPTION>
                         FGIC SECURITIES PURCHASE, INC.
               (A WHOLLY-OWNED SUBSIDIARY OF FGIC HOLDINGS, INC.)
                                 BALANCE SHEETS



ASSETS                                                                 SEPTEMBER 30,             DECEMBER 31,
                                                                             2001                      2000
                                                                      -------------              -------------
                                                                        (UNAUDITED)
<S>                                                                   <C>                        <C>
Liquidity fees receivable                                             $     998,372              $     889,680
Due from GE Capital                                                      27,540,173                 32,837,628
Due from affiliates                                                         103,946                          -
Other assets                                                                225,633                    399,609
                                                                      -------------              -------------

     Total assets                                                       $28,868,124                $34,126,917
                                                                      =============              =============


LIABILITIES AND STOCKHOLDER'S EQUITY

Liabilities:

Deferred liquidity fee income                                           $   520,959                $   544,656
Due to affiliates                                                                 -                  7,786,456
Commitment fees payable to GE Capital                                       637,282                    497,879
Accounts payable and accrued expenses                                       331,561                    319,407
Taxes payable                                                               429,938                    541,859
                                                                      -------------              -------------

     Total liabilities                                                    1,919,740                  9,690,257
                                                                      -------------              -------------

Stockholder's Equity:

Common stock, par value $10.00 per share;
     10 shares authorized, issued and outstanding                               100                        100
Additional paid-in capital                                                  822,145                    822,145
Retained earnings                                                        26,126,139                 23,614,415
                                                                      -------------              -------------

     Total stockholder's equity                                          26,948,384                 24,436,660
                                                                      -------------              -------------

     Total liabilities and stockholder's equity                         $28,868,124                $34,126,917
                                                                      =============              =============
</TABLE>

See accompanying notes to interim financial statements.

                                     Page 3
<PAGE>

<TABLE>
<CAPTION>
                         FGIC SECURITIES PURCHASE, INC.
               (A WHOLLY-OWNED SUBSIDIARY OF FGIC HOLDINGS, INC.)
                            STATEMENTS OF OPERATIONS
                                   (UNAUDITED)





                                                            For The Three Months                For The Nine Months
                                                             Ended September 30,                Ended September 30,
                                                            2001               2000             2001             2000
                                                            ----               ----             ----             ----
<S>                                                      <C>               <C>                <C>              <C>
Liquidity fee income                                     $1,601,093        $1,609,498         $4,922,414       $4,869,201
Investment income                                                 -                 -                  -            1,339
                                                         ----------       -----------        -----------       -----------
Total revenues                                            1,601,093         1,609,498          4,922,414         4,870,540
General and administrative expenses                         231,640           138,287            767,370           324,447
                                                         ----------       -----------        -----------       -----------
Income before provision for income taxes                  1,369,453         1,471,211          4,155,044         4,546,093
                                                          ---------        ----------         ----------        ----------
Provisions for income taxes
   Federal                                                  445,757           478,879          1,352,467         1,479,753
   State and local                                           95,862           102,985            290,853           318,227
                                                         ----------       -----------        -----------       -----------

Total provisions for income taxes                           541,619           581,864          1,643,320         1,797,980
                                                         ----------       -----------        -----------       -----------
Net income                                                 $827,834          $889,347         $2,511,724        $2,748,113
                                                         ==========       ===========        ===========       ===========
</TABLE>

See accompanying notes to interim financial statements

                                     Page 4
<PAGE>

<TABLE>
<CAPTION>
                         FGIC SECURITIES PURCHASE, INC.
               (A WHOLLY-OWNED SUBSIDIARY OF FGIC HOLDINGS, INC.)
                            STATEMENTS OF CASH FLOWS
                                   (UNAUDITED)


                                                                                 FOR THE NINE MONTHS ENDED
                                                                                         SEPTEMBER 30,
                                                                                   2001                   2000
                                                                             -----------              ----------

OPERATING ACTIVITIES:

<S>                                                                           <C>                     <C>
Net income                                                                    $2,511,724              $2,748,113
   Adjustments to reconcile net
   income to net cash provided by
   operating activities:
      Deferred income tax expense                                                      -                  (1,111)
      Change in taxes payable                                                   (111,921)              1,323,265
      Change in due from GE Capital                                            5,297,455              (5,477,507)
      Change in due from affiliates                                             (103,946)                      -
      Change in due to affiliates                                             (7,786,456)              1,751,745
      Change in other assets                                                     173,976                 168,863
      Change in liquidity fees receivable                                       (108,692)               (979,879)
      Change in deferred liquidity fee income                                    (23,697)                323,461
      Change in accounts payable and accrued expenses                             12,154                (120,839)
      Change in commitment fees payable to GE Capital                            139,403                 131,506
                                                                             -----------              ----------

     Cash provided by operating activities                                             -                (132,383)
                                                                             -----------              ----------

 Net change in cash and cash equivalents                                               -                (132,283)
                                                                             -----------              ----------

   Cash and cash equivalents at beginning of period                                    -                 132,383
                                                                             -----------              ----------


   Cash and cash equivalents at end of period                                $         -              $        -
                                                                             ===========              ==========
</TABLE>

See accompanying notes to interim financial statements.

                                     Page 5
<PAGE>
                         FGIC SECURITIES PURCHASE, INC.
               (A WHOLLY-OWNED SUBSIDIARY OF FGIC HOLDINGS, INC.)
                      NOTES TO INTERIM FINANCIAL STATEMENTS
                               SEPTEMBER 30, 2001
                                   (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, 2001,  FGIC-SPI had  approximately  $3.1 billion (par and
         interest) of potential obligations under such arrangements. In order to
         obtain funds to purchase the  securities,  in the event such  purchases
         are necessary,  FGIC-SPI has entered into standby loan  agreements with
         GE Capital  totaling $6.0 billion at September 30, 2001, 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  contained 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
         three and nine  months  ending  September  30,  2001 and 2000,  (b) the
         financial  position as of September 30, 2001 and December 31, 2000, and
         (c) cash flows for the nine months ended September 30, 2001 and 2000.

         These interim  financial  statements should be read in conjunction with
         the financial  statements and related notes included in the 2000 annual
         report on Form 10-K.

         Significant accounting policies are as follows:

         CASH AND CASH EQUIVALENTS

         Cash and cash equivalents are carried at cost, which  approximates fair
         value. For purposes of the statement 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 6
<PAGE>
         FAIR VALUES OF FINANCIAL INSTRUMENTS

         The carrying  amounts of  FGIC-SPI's  financial  instruments,  relating
         primarily  to cash and cash  equivalents,  liquidity  fees  receivable,
         amounts  due to and from  affiliated  companies,  accounts  payable and
         accrued expenses and taxes payable, approximate their fair values.

         SEC REGISTRATION FEES

         SEC registration fees are reimbursable to FGIC-SPI,  as a separate item
         at the closing, by issuers, as transactions are consummated.  Such fees
         are deferred when paid, and netted against the related reimbursement as
         transactions are consummated.  Management  evaluates the recoverability
         of such deferred fees at each reporting date.

         EXPENSES

         Direct expenses  incurred by the Parent are fully allocated to FGIC-SPI
         on a specific  identification  basis.  Employee  related  expenses  are
         allocated by  affiliates  to FGIC-SPI  based on the  percentage of time
         such  employees  devote to the  activities  of  FGIC-SPI.  For the nine
         months  ended  September  30, 2001 and 2000  expenses  of $639,221  and
         $329,781, respectively, were allocated to FGIC-SPI. Management believes
         that such  allocation  method is reasonable.  Management  believes that
         such expenses, as reported in the statement of income, would not differ
         materially from what expenses would have been on a stand-alone basis.

         COMMITMENT FEES

         The  commitment   fees  are  accrued  on  the   outstanding   liquidity
         facilities.

         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,  2001,  management  does not  anticipate  any losses
         relative to such arrangements.

         OTHER COMPREHENSIVE INCOME

         There are no elements of other comprehensive income

(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.

                                     Page 7
<PAGE>
(4)      CURRENT ACCOUNTING PRONOUNCEMENTS

         The  Financial   Accounting   Standards  Board  ("FASB")  issued,  then
         subsequently  amended,  Statement  of  Financial  Accounting  Standards
         ("SFAS") No. 133,  Accounting  for Derivative  Instruments  and Hedging
         Activities,  which  became  effective  for FGIC-SPI on January 1, 2001.
         Under SFAS No. 133, as amended, all derivative  instruments  (including
         certain  derivative   instruments  embedded  in  other  contracts)  are
         recognized  in the  balance  sheet at their fair  values and changes in
         fair  value  are  recognized   immediately  in  earnings,   unless  the
         derivatives  qualify as hedges of future  cash flows.  For  derivatives
         qualifying  as hedges of future cash flows,  the  effective  portion of
         changes  in  fair  value  is  recorded   temporarily  in  equity,  then
         recognized  in earnings  along with the  related  effects of the hedged
         items. Any ineffective portion of a hedge is reported in earnings as it
         occurs.  There was no impact on FGIC-SPI's  financial  statements  upon
         adoption of SFAS No. 133.

(5)      SUBSEQUENT EVENT

         During October 2001,  FGIC-SPI filed a shelf  registration with the SEC
         for $2 billion increasing FGIC-SPI's capacity.

                                     Page 8
<PAGE>
ITEM 2.        Management's Discussion and Analysis of Financial Condition and
               Results of Operations.


               RESULTS OF OPERATIONS

               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, 2001,  FGIC-SPI  earned  liquidity  fees of
               $4,922,414  compared  to  $4,869,201  for the nine  months  ended
               September 30, 2000. The slight  increase in earnings is primarily
               due to new deals  written  during 2000 and five new deals in 2001
               offset by the  renewal of existing  deals at lower basis  points.
               FGIC-SPI   incurred   $767,370   and   $324,447  of  general  and
               administrative  expenses for the nine months ended  September 30,
               2001  and   2000,   respectively.   Included   in   general   and
               administrative  expenses were  commitment fees owed to GE Capital
               of  $139,403  in 2001 and  $131,506  in  2000.  The  increase  in
               commitment  fees is due to the increase in number of  outstanding
               contracts.  The remainder of general and administrative  expenses
               is  primarily   comprised  of   intercompany   overhead   expense
               allocations  which  increased  due  to  an  overall  increase  in
               corporate  expenses.  The effective  Federal tax rate during 2001
               and  2000  was  equal to the  Federal  corporate  tax rate of 35%
               giving  consideration  to the benefit for the  deduction of state
               taxes of 7%.

               For the three months ended  September 30, 2001,  FGIC-SPI  earned
               liquidity fees of $1,601,093 compared to $1,609,498 for the three
               months ended  September 30, 2000. The slight decrease in earnings
               is primarily due to one deal maturing during the third quarter of
               2001.  FGIC-SPI  incurred  $231,640  and  $138,287 of general and
               administrative  expenses for the three months ended September 30,
               2001  and   2000,   respectively.   Included   in   general   and
               administrative  expenses were  commitment fees owed to GE Capital
               of  $47,714  in  2001  and  $46,024  in  2000.  The  increase  in
               commitment fees is primarily due to the increase in the number of
               outstanding  contracts.  The expenses incurred  primarily include
               fees associated with establishing the liquidity  facilities.  The
               effective  Federal tax rate during 2001 and 2000 of 35% was equal
               to the Federal  corporate  tax rate giving  consideration  to the
               benefit for the deduction of state taxes of 7%.


               LIQUIDITY AND CAPITAL RESOURCES

               Liquidity is a measure of the ability to generate sufficient cash
               to meet cash  obligations  as they come due.  FGIC-SPI's  primary
               source of cash is from liquidity fees and investment income. Cash
               outflows primarily relate to general and administrative expenses,
               GE Capital  commitment  fees, and income taxes.  To date FGIC-SPI
               has not been required to purchase  securities  (fund a cash flow)
               under  the  liquidity  facilities  issued.   Should  FGIC-SPI  be
               required to fund such an outflow,  the Company can readily access
               the cash balances held by GE Capital  ($28.0 million at September
               30, 2001) and draw upon the standby loan agreement ($6 billion at
               September  30,  2001)  in the  amount  of the  purchase  price of
               tendered bonds.

               Net cash  provided by (used in) operating  activities  was $0 and
               ($132,383) for the nine months ended  September 30, 2001 and 2000
               respectively.  There were no cash flows  related to investing and
               financing activities for the nine months ended September 30, 2001
               and 2000.

                                     Page 9
<PAGE>
                           PART II - OTHER INFORMATION



Item 1.       Legal Proceedings

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


Item 2.       Changes in Securities

              None.


Item 3.       Defaults on Senior Securities

              None.


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

              None.


Item 5.       Other Information

              None.


Item 6.       Exhibits and Reports on Form 8-K

              a)    Exhibits

                    None.

              b)    Reports on Form 8-K

                    None.


                                     Page 10
<PAGE>
                                   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)



Date:      November 13, 2001
           --------------------------        -----------------------------------
                                                      Deborah Mary Reif
                                                      President (principal
                                                      executive officer)



Date:      November 13, 2001
           ---------------------------       -----------------------------------
                                                       David Shea
                                                       Treasurer (principal
                                                       financial and
                                                       accounting officer)


                                     Page 11
<PAGE>