UNITED STATES SECURITIES AND EXCHANGE COMMISION
                             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 30,1997 
 
                           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, 1997
_______________                                         _____________________

Common Stock (voting), $10.00 par value 10 
 
 
 
Registrant meets the conditions set forth in general instruction H91)(a) 
and (b) of Form 10-Q and is therefore filing this Form 10-Q with the
reduced disclosure format. 
<PAGE>
                              TABLE OF CONTENTS 
 
 
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 - 7 
 
 
   Item 2.   Management's Discussion and Analysis of 
             Financial Condition and Results of 
             Operations                                          8 
 
 
PART II.     OTHER INFORMATION 
 
   Item 1 - Item 6                                               9 
 
   Signatures                                                    10 
 
 <PAGE>
 
Item 1.              Financial Statements and Supplementary Data. 
 
                        FGIC Securities Purchase, Inc. 
               (a wholly-owned subsidiary of FGIC Holdings, Inc.) 
                                 Balance Sheets 
 
[CAPTION]
<TABLE>

<S>                                                            <C>                  <C>
ASSETS                                                          September 30,        December 31, 
                                                                    1997                1996               
                                                                 ______________     ________________
 
                                                                   (Unaudited) 
 
Short-term investments                                          $     117,390         $     109,277 
Liquidity fees receivable                                           1,183,792             1,905,938 
Due from affiliates                                                17,046,032            13,284,308 
Deferred tax asset                                                  1,953,773             1,377,427 
Other assets                                                          161,074               322,079 
                                                                  ______________       ______________
 
Total assets                                                    $   20,462,061        $   16,999,029 
                                                                 _______________       ______________
                                                                 _______________       ______________

 
LIABILITIES AND STOCKHOLDER'S EQUITY 

Liabilities: 
 
Deferred liquidity fee income                                   $       217,065        $      347,223 
Commitment fees payable to GE Capital                                   780,112               643,741 
Accounts payable and accrued expenses                                   420,259               412,619 
Taxes payable                                                         7,394,075             8,094,410 
                                                                  __________________   ________________

Total liabilities                                               $     8,811,511        $    9,497,993 
                                                                  __________________   ________________

 
Stockholder's Equity: 
 
Common stock, par value $10.00 per share; 
  10 shares authorized, issued and outstanding                              100                   100 
Retained earnings                                                    11,650,450             7,500,936 
                                                                   ----------------      ---------------
 
  Total stockholder's equity                                         11,650,550             7,501,036 
                                                                   ----------------      ---------------
 
  Total liabilities and stockholder's equity                    $    20,462,061        $   16,999,029  
                                                                   ----------------      --------------- 
                                                                   ----------------      ---------------
  
</TABLE> 
                    See accompanying notes to interim financial statements. 
 

                                  FGIC Securities Purchase, Inc. 
                          (a wholly-owned subsidiary of FGIC Holdings, Inc.) 
                                    Statements of Operations 
                                         (Unaudited) 
 
  
[CAPTION]
<TABLE>

                                           For The Three Months                      For The Nine Months
                                            Ended September 30,                       Ended September 30, 

<S>                                      <C>              <C>                      <C>              <C>
 
                                          1997             1996                     1997              1996 
                                          ____             ____                     ____              ____
 
 
Liquidity fee Income                    $1,625,073      $2,981,297               $7,525,523        $8,991,230 
Investment Income                            8,113               -                    8,113             1,414 
                                        ___________     ___________               ___________      ___________
 
Total Revenues                           1,633,186       2,981,297                7,533,636         8,992,644 
General and administrative expenses        320,905         103,569                  632,158           258,218 
                                        -----------     -----------               -----------      ------------
Income before provision for 
     income taxes                        1,312,281       2,877,728                6,901,478         8,734,426 
                                        ------------    -----------               ------------      ----------  

Provisions for income taxes 
     Federal                               424,853         931,665                2,234,354         2,827,771
     State and Local                        98,421         215,830                  517,610           655,082 
                                        ------------    ------------              -----------       ---------
 
Total provisions for income taxes          523,272       1,147,495                2,751,964         3,482,853 
                                        -------------   -------------             -----------       ----------	
Net income                              $  789,009      $1,730,233               $4,149,514        $5,251,573 
                                        -------------   -------------             -----------       ----------  
                                        -------------   -------------             -----------       ----------

</TABLE> 
                     See accompanying notes to  interim financial statements 
<PAGE>
                                FGIC Securities Purchase, Inc. 
                      (a wholly-owned subsidiary of FGIC Holdings, Inc.) 
                                   Statements of Cash Flows
                                         (Unaudited) 

[CAPTION]
<TABLE>

 
                                                For the Nine Months Ended     
                                                      September 30,         
                                               
<S>                                                    <C>                     <C>
                                                        1997                    1996 
                                                        ----                    ---- 
 
Operating activities: 
 
Net income                                            $4,149,514             $5,251,573 
   Adjustments to reconcile net 
   income to net cash provided by   
   operating activities: 
      Deferred income tax expense                       (576,346)              (270,518) 
      Change in taxes payable                           (700,335)             3,753,372 
      Change in due from affiliates                   (3,761,724)            (8,608,367) 
      Change in due to affiliates                              -                113,763 
      Change in other assets                             161,005                      - 
      Change in liquidity fees receivable                722,146               (430,137) 
      Change in deferred liquidity fee income           (130,158)                47,524 
      Change in accounts payable and accrued expenses      7,640                 26,377 
      Change in commitment fees payable to GE Capital    136,371                117,827 
                                                       ------------         ------------- 

      Cash provided by operating activities                8,113                  1,414 
                                                       ------------         -------------
 
Financing activities: 
 
      Dividends paid                                           -                      -
                                                       ------------         -------------- 

 
      Cash used by financing activities                        -                      -
                                                       -------------         -------------  
Net change in cash and cash equivalents                    8,113                  1,414 
                                                       -------------         -------------

 
      Cash and cash equivalents at beginning of period   109,277                107,863 
                                                        ------------          ------------

      Cash and cash equivalents at  end of period       $117,390               $109,277 
                                                        ------------          ------------
                                                        ------------          ------------

</TABLE>

                   See accompanying notes to interim financial statements. 
<PAGE>
 

 
                                 FGIC Securities Purchase, Inc. 
                       (a wholly-owned subsidiary of FGIC Holdings, Inc.)
                              Notes to Interim Financial Statements 
                                      September 30,1997 
                                         (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 30,1997, FGIC-SPI had 
approximately $2.9 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 30,1997, 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 nine months ending September 
30, 1997 and 1996, (b) the financial position at September 30,1997 and 
December 31, 1996, and (c) cash flows for the nine months ended September 
30, 1997 and 1996. 
 
These interim financial statements should be read in conjunction with the 
financial statements and related notes included in the 1996 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 six 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. 
 
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 30,1997, management does not anticipate any losses
relative to such arrangements. 
 
(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. 
 
Item 2.  Management's Discussion and Analysis of Financial Condition 
         and 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, 1997, FGIC-SPI earned liquidity
fees of $7,525,523 compared to $8,991,230 for the nine months ended 1996.
FGIC-SPI incurred $632,157 and $258,218 of general and administrative
expenses for the nine months ended September 30,1997 and 1996, respectively.
The increase in general and administrative expenses is primarily due to an 
increase in the number of facilities. The expenses incurred primarily 
include fees associated with establishing the liquidity facilities.  
 
 
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 third quarter of 1997, FGIC-SPI earned liquidity fees of $1,625,073 
compared to $2,981,297 for the three months ended September 30, 1996. 
FGIC-SPI incurred $320,905 and $103,569 of general and administrative expenses
for the three months ended September 30, 1997 and 1996, respectively. The 
increase in general and administrative expenses is primarily due to an 
increase in the number of facilities. The expenses incurred primarily 
include fees associated with establishing the liquidity facilities. 
 

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 
               None. 

          b)   Reports on Form 8-K 
               None. 
 
                             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:____________________               ______________________________
                                                Ann C. Stern 
                                                President (principal 
                                                executive officer) 
 
Date:____________________               ______________________________
                                                Christopher Jacobs 
                                                Treasurer (principal 
                                                financial and   
                                                accounting officer)