UNITED STATES SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

                                   -----------

                                    FORM 10-Q
                                   -----------

[X] QUARTERLY REPORT PURSUANT TO SECTION 12 OR 15(D) OF THE SECURITIES  EXCHANGE
              ACT OF 1934 FOR THE QUARTER ENDED SEPTEMBER 30, 2004

                                       OR

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE
                                   ACT OF 1934

            FOR THE TRANSITION PERIOD FROM ___________ TO ___________

                                   -----------

                         COMMISSION FILE NUMBER 0-19564
                                   -----------

                       MUNICIPAL SECURITIES PURCHASE, INC.
             (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)

                   DELAWARE                              13-3633082
----------------------------------------------- --------------------------------
(State or other jurisdiction incorporation or    (I.R.S. Employer Identification
               organization) No.)

        201 HIGH RIDGE ROAD, STAMFORD,                      06927
                 CONNECTICUT
----------------------------------------------- --------------------------------
  (Address of principal executive offices)                (Zip Code)

       (REGISTRANTS TELEPHONE NUMBER, INCLUDING AREA CODE) (203) 357-4000


           SECURITIES REGISTERED PURSUANT TO SECTION 12(B) OF THE ACT:

                                      NONE

           SECURITIES REGISTERED PURSUANT TO SECTION 12(G) OF THE ACT:

                               TITLE OF EACH CLASS
                               -------------------

                    COMMON STOCK, PAR VALUE $10.00 PER SHARE

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 (or for such  shorter  period that the  registrant  was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirements for the past 90 days. Yes X  No   .
                                      ---   ---
Indicate  by check mark  whether  the  registrant  is an  accelerated  filer (as
defined in Rule 12b-2 of the Act). Yes    No X .
                                      ---   ---
At October 25, 2004, 10 shares of common  stock,  which  constitutes  all of the
common  outstanding   equity,  with  a  par  value  of  $10.00  per  share  were
outstanding.

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>

                       MUNICIPAL SECURITIES PURCHASE, INC.




                                                                            PAGE


PART I.       FINANCIAL INFORMATION

Item 1.    Financial Statements:
                Statements of Financial Position                               1
                Statements of Income                                           2
                Statements of Changes in Shareowner's Equity                   3
                Statements of Cash Flows                                       4
                Notes to Unaudited Interim Financial Statements                5

Item 2.    Management's Discussion and Analysis of Results of Operations and
           Financial Condition                                                 6

Item 4.    Controls and Procedures                                             8


PART II.      OTHER INFORMATION

Item 6.    Exhibits and Reports on Form 8-K                                    9
Signatures                                                                    10




Unless the context otherwise requires, the "Company", "Municipal-SPI",  "We", or
"Our" shall mean Municipal Securities Purchase, Inc.


FORWARD-LOOKING STATEMENTS

This  document  contains  "forward-looking  statements"  - that  is,  statements
related to future, not past, events. In this context, forward-looking statements
often address our expected future business and financial performance,  and often
contain words such as "expects,"  "anticipates," "intends," "plans," "believes,"
"seeks," or "will."  Forward-looking  statements by their nature address matters
that are, to different  degrees,  uncertain.  For us,  particular  uncertainties
arise from the behavior of financial markets, including fluctuations in interest
rates and commodity prices; from future integration of acquired businesses; from
future  financial  performance  of major  industries  which we  serve;  and from
numerous other matters of national,  regional and global scale,  including those
of a political,  economic,  business,  competitive or regulatory  nature.  These
uncertainties  may cause our actual future  results to be  materially  different
than those expressed in our forward-looking  statements.  We do not undertake to
update our forward-looking statements.


<PAGE>

                          PART I. FINANCIAL INFORMATION




ITEM 1. FINANCIAL STATEMENTS


                       MUNICIPAL SECURITIES PURCHASE, INC.


                        Statements of Financial Position


<TABLE>
<CAPTION>
                                                                                SEPTEMBER 30,       DECEMBER 31,
                                                                                     2004               2003
                                                                               -----------------  -----------------
<S>                                                                                 <C>                <C>
                                           ASSETS                                (Unaudited)

Liquidity fees receivable                                                           $ 1,671,918        $ 1,572,969
Due from GE Capital                                                                   6,866,745         39,284,435
                                                                               -----------------  -----------------
             Total assets                                                           $ 8,538,663        $40,857,404
                                                                               =================  =================

               LIABILITIES AND SHAREOWNER'S EQUITY

    Deferred liquidity fee income                                                    $  690,002         $  701,593
    Accounts payable and accrued expenses                                                69,148             69,148
    Taxes payable                                                                     2,262,071          2,262,071
                                                                               -----------------  -----------------
             Total liabilities                                                        3,021,221          3,032,812
                                                                               =================  =================

    Common stock, par value $10.00 per share. Authorized,
      issued, and outstanding 10 shares                                                     100                100
    Additional paid-in capital                                                          822,145            822,145
    Retained earnings                                                                 4,695,197         37,002,347
                                                                               -----------------  -----------------
             Total shareowner's equity                                                5,517,442         37,824,592
                                                                               -----------------  -----------------
             Total liabilities and shareowner's equity                              $ 8,538,663        $40,857,404
                                                                               =================  =================
</TABLE>


See accompanying notes to unaudited interim financial statements.


                                      - 1 -
<PAGE>
<TABLE>
<CAPTION>


                                                             THREE-MONTHS ENDED             NINE-MONTHS ENDED
                                                                 SEPTEMBER 30                   SEPTEMBER 30
                                                        -----------------------------  -----------------------------
                                                            2004            2003           2004            2003
                                                        -------------   -------------  -------------   -------------

<S>                                                       <C>             <C>            <C>             <C>
Liquidity fee income                                      $1,610,649      $2,306,018     $4,805,848      $6,930,834
                                                        -------------   -------------  -------------   -------------
             Total revenues                                1,610,649       2,306,018      4,805,848       6,930,834
                                                        -------------   -------------  -------------   -------------

General and administrative expenses                           60,000         240,672        180,000         628,092
GE Capital commitment fees                                    57,156          74,814        171,175         215,187
                                                        -------------   -------------  -------------   -------------
             Total operating expenses                        117,156         315,486        351,175         843,279
                                                        -------------   -------------  -------------   -------------

             Income before provision for income taxes      1,493,493       1,990,532      4,454,673       6,087,555
                                                        -------------   -------------  -------------   -------------

Income tax expense:
    Federal                                                  486,131         647,918      1,449,996       1,981,499
    State and local                                          104,544         139,337        311,827         426,129
                                                        -------------   -------------  -------------   -------------

             Total income tax expense                        590,675         787,255      1,761,823       2,407,628
                                                        -------------   -------------  -------------   -------------

             Net income                                    $ 902,818      $1,203,277     $2,692,850      $3,679,927
                                                        =============   =============  =============   =============
</TABLE>

See accompanying notes to unaudited interim financial statements.


                                      - 2 -
<PAGE>
<TABLE>
<CAPTION>

                                                                   ADDITIONAL
                                                    COMMON            PAID-IN         RETAINED
                                                     STOCK            CAPITAL         EARNINGS           TOTAL
                                                 -------------   ---------------  ---------------   ---------------

<S>                                                    <C>            <C>            <C>               <C>
Balance, December 31, 2002                             $  100         $ 822,145      $32,265,191       $33,087,436
Net income                                                  -                 -        4,737,156         4,737,156
                                                 -------------   ---------------  ---------------   ---------------
Balance, December 31, 2003                                100           822,145       37,002,347        37,824,592
Dividends paid (unaudited)                                  -                 -      (35,000,000)      (35,000,000)
Net income (unaudited)                                      -                 -        2,692,850         2,692,850
                                                 -------------   ---------------  ---------------   ---------------
Balance, September 30, 2004 (unaudited)                $  100         $ 822,145       $4,695,197        $5,517,442
                                                 =============   ===============  ===============   ===============
</TABLE>


See accompanying notes to unaudited interim financial statements.


                                      - 3 -
<PAGE>
<TABLE>
<CAPTION>
                                                                                        NINE-MONTHS ENDED
                                                                                           SEPTEMBER 30
                                                                               ------------------------------------
                                                                                     2004               2003
                                                                               -----------------  -----------------

<S>                                                                                 <C>                <C>
Operating activities:
      Net income                                                                    $ 2,692,850        $ 3,679,927
    Adjustments to reconcile net income to net cash
      provided by operating activities:
        Change in taxes payable                                                               -          1,031,655
        Change in due from GE Capital                                                32,417,690         (4,057,663)
        Change in due to affiliates                                                           -            (85,769)
        Change in liquidity fees receivable                                             (98,949)          (717,113)
        Change in deferred liquidity fee income                                         (11,591)          (138,502)
        Change in accounts payable and accrued expenses                                       -            287,465
                                                                               -----------------  -----------------
           Cash from operating activities                                            35,000,000                  -

Financing activities:
    Dividends paid                                                                  (35,000,000)                 -
                                                                               -----------------  -----------------
           Cash used for financing activities                                       (35,000,000)                 -

Net change  in cash and cash equivalents                                                      -                  -
Cash and cash equivalents at beginning of period                                              -                  -
                                                                               -----------------  -----------------
Cash and cash equivalents at the end of period                                          $     -            $     -
                                                                               -----------------  -----------------
</TABLE>


See accompanying notes to unaudited interim financial statements.



                                      - 4 -
<PAGE>


                       MUNICIPAL SECURITIES PURCHASE, INC.

                 NOTES TO UNAUDITED INTERIM FINANCIAL STATEMENTS

(1)      BUSINESS DESCRIPTION

         Municipal  Securities  Purchase,  Inc. (the Company) is a  wholly-owned
         subsidiary  of GE  Funding  Holdings  Inc.  (the  Parent),  which  is a
         wholly-owned  subsidiary of GEI, Inc., which in turn is wholly-owned by
         General Electric Capital Corporation (GE Capital),  the ultimate parent
         of which is General  Electric Company (GE). Until the fourth quarter of
         2003, the name of the Company was FGIC  Securities  Purchase,  Inc. The
         Company   provides   liquidity  for  certain  floating  rate  municipal
         securities  whereby  the Company  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, 2004,  the Company had  approximately  $3.7 billion
         (par  amount  and  interest)  of  potential   obligations   under  such
         arrangements.  The liquidity  facilities  have a term of  approximately
         five  years  (subject  to  renewal)  or less if the bonds are no longer
         outstanding.  In order to obtain funds to purchase the  securities,  in
         the event such  purchases are  necessary,  the Company has entered into
         standby loan  agreements  with GE Capital  totaling  $3.7 billion as of
         September 30, 2004, under which GE Capital is irrevocably  obligated to
         lend funds as needed for the Company to purchase the securities.  Since
         2002,  the Company has not provided any new  liquidity  facilities  and
         management of the Company will continue to reassess the decision in the
         future.

(2)      BASIS OF CONSOLIDATION

         The  preparation  of  financial  statements  in  conformity  with  U.S.
         generally accepted  accounting  principles  requires management to make
         estimates  and  assumptions  that affect  reported  amounts and related
         disclosures. Actual results could differ from those estimates.

         The unaudited interim financial  statements of the Company contained in
         this report reflect all normal recurring adjustments necessary,  in the
         opinion  of  management,  for  a  fair  statement  of  the  results  of
         operations,  financial position and cash flows. The results reported in
         these  quarterly  financial   statements  should  not  be  regarded  as
         necessarily  indicative  of results that may be expected for the entire
         year. We label our quarterly  information using a calendar  convention,
         that is, first quarter is labeled as ending March 31, second quarter as
         ending on June 30, and third  quarter as ending on September  30. It is
         our longstanding  practice to establish interim quarterly closing dates
         using a fiscal  calendar,  which  requires  our business to close their
         books on a Saturday.  The effects of this  practice are modest and only
         exist within a reporting year.

         These  unaudited  interim  financial   statements  should  be  read  in
         conjunction with the financial statements and related notes included in
         the 2003 Form 10-K.

(3)      INCOME TAXES

         Under  an  intercompany  tax-sharing  agreement  with the  Parent,  the
         Company is included in the consolidated  federal income tax return that
         GE files.  The Company provides for taxes as if it files a separate tax
         return.

                                      - 5 -
<PAGE>


ITEM 2.  MANAGEMENT'S  DISCUSSION  AND  ANALYSIS  OF RESULTS OF  OPERATIONS  AND
         FINANCIAL CONDITION

         RESULTS OF OPERATIONS

         REVENUES

         We provide  liquidity  facilities  for certain  floating rate municipal
         securities whereby we will, under certain circumstances,  purchase such
         securities  in the event they are tendered by the holders  thereof.  We
         earn  liquidity  fees from the issuers of these  securities,  municipal
         governments in the U.S., for providing the liquidity facilities.

         During 2003 and the  nine-months  ended  September 30, 2004, we did not
         commit to any new liquidity facilities.

         The total capacity of our liquidity facility has amounted to $7 billion
         since  inception.  At September 30, 2004, we had remaining  capacity of
         $0.1 billion.

         We earned  liquidity  fees of $4.8 million and $6.9 million  during the
         nine-months  ended September 30, 2004 and 2003,  respectively  and $1.6
         million and $2.3 million for the three-months  ended September 30, 2004
         and 2003,  respectively.  The decrease in  liquidity  fees from 2003 to
         2004 was primarily due to the maturity of 11 contracts  during the last
         quarter  of 2003 and the  maturity  of 5  contracts  during  the  first
         quarter  of 2004.  No  contracts  matured  during  the second and third
         quarter  of 2004,  however,  the total  outstanding  par  amount of the
         liquidity  facilities  decreased by approximately $5 million during the
         same  period  due to  paydowns  on  the  outstanding  principal  of the
         liquidity  facility for 5 contracts.  The total  liquidity  facility in
         force as of  September  30, 2004 and December 31, 2003 was $3.7 billion
         and $3.8 billion, respectively.

         OPERATING EXPENSES

         We incurred $0.4 million and $0.8 million of total  operating  expenses
         during the nine-months ended September 30, 2004 and 2003,  respectively
         and $0.1 million and $0.3 million of total  operating  expenses  during
         the  three-months  ended  September  30,  2004 and 2003,  respectively.
         Included in total  operating  expenses were  commitment fees owed to GE
         Capital  under  the  standby  loan  agreements,  which are based on the
         outstanding par in force on each of the liquidity  facilities at a rate
         of 0.625 basis points.  Commitment  fees were $171,175 and $215,187 for
         the  nine-months  ended September 30, 2004 and 2003,  respectively  and
         $57,156 and $74,814 for the  three-months  ended September 30, 2004 and
         2003,  respectively.  The decrease in commitment fees from 2003 to 2004
         corresponds with the respective decrease in liquidity fees earned which
         is also based upon the par in force on each of the liquidity facilities
         outstanding.   Total  operating  expenses  also  includes  general  and
         administrative   expenses,   which   are   principally   comprised   of
         intercompany  overhead expense allocations.  General and administrative
         expenses were $180,000 and $628,092 for the nine-months ended September
         30,  2004 and 2003,  respectively  and  $60,000  and  $240,672  for the
         three-months  ended  September  30,  2004 and 2003,  respectively.  The
         decrease  in  general  and  administrative  expenses  from 2003 to 2004
         reflect  decline in the Company's  activities as the total  outstanding
         par amount of the liquidity facilities decreased.

                                      - 6 -
<PAGE>

         INCOME TAX EXPENSE

         The effective  Federal tax rate during the nine-months  ended September
         30,  2004 and 2003 was equal to the Federal  corporate  tax rate of 35%
         giving consideration to the benefit for the deduction of state taxes of
         7%.

         CAPITAL RESOURCES AND LIQUIDITY

         Liquidity  is a measure of the ability to generate  sufficient  cash to
         meet cash  obligations  as they come due.  The largest use of potential
         liquidity would be if we were required to purchase all securities under
         the liquidity  facilities  issued.  Since  inception,  we have not been
         required to purchase any  securities.  If we were  required to purchase
         such  securities,  we would draw on the standby loan agreements with GE
         Capital.  Since  the  standby  loan  agreements  with  GE  Capital  are
         irrevocable during the period the liquidity  agreements are outstanding
         we  believe  we have  sufficient  liquidity  in the  event  that we are
         required to fund any draw under the liquidity facilities issued.

         Our other primary source of cash is from liquidity fee income, which we
         lend to GE  Capital.  We  believe  that such  income  and access to the
         intercompany  receivable from GE Capital ($6.9 million at September 30,
         2004) is sufficient to fund our general and administrative expenses.

         Net cash  provided  by  operating  activities  was $35  million for the
         nine-months  ended  September 30, 2004 as we collected a portion of the
         intercompany  receivable from GE Capital. We used the cash to pay a $35
         million  dividend to the Parent  resulting  in a $35 million  financing
         cash outflow during the  nine-months  ended  September 30, 2004.  There
         were no cash flows related to investing  activities for the nine-months
         ended September 30, 2004.

ITEM 4.  CONTROLS AND PROCEDURES

         Under  the  direction  of our  Chairman  of the Board  (serving  as the
         principal  executive officer) and Vice President and Treasurer (serving
         as the chief financial  officer),  we evaluated our disclosure controls
         and  procedures  and internal  control  over  financial  reporting  and
         concluded  that  (i)  our  disclosure   controls  and  procedures  were
         effective  as of  September  30,  2004,  and (ii) no change in internal
         control over  financial  reporting  occurred  during the quarter  ended
         September  30, 2004,  that has  materially  affected,  or is reasonably
         likely to  materially  affect,  such  internal  control over  financial
         reporting.


                                      - 7 -
<PAGE>

                           PART II - OTHER INFORMATION

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

         a)   Exhibits

              Exhibit  31(a) -  Certifications  of Principal  Executive  Officer
              Pursuant to Rule 13a-14(a) under the Exchange Act

              Exhibit  31(b)  -  Certifications   of  Principal   Financial  and
              Accounting  Officer  Pursuant to Rule 13a-14(a) under the Exchange
              Act

              Exhibit 32 - Certifications Pursuant to 18 U.S.C. Section 1350

         b)   Reports on Form 8-K during the quarter ended September 30, 2004

              None


                                     - 8 -
<PAGE>

                                   SIGNATURES


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

                       Municipal Securities Purchase, Inc.
                       -----------------------------------
                                  (Registrant)


October 26, 2004                                   /s/ Brian Wenzel
----------------                                   ----------------
Date                                               Brian Wenzel
                                                   Chairman
                                                   (Principal Executive Officer)

October 26, 2004                                   /s/ Kathleen Gan
----------------                                   ----------------
Date                                               Kathleen Gan
                                                   Vice President and Treasurer
                                                   (Principal Financial and
                                                   Accounting Officer)



                                      - 9 -
<PAGE>

                                                                   EXHIBIT 31(A)
                                 CERTIFICATIONS
I, Brian Wenzel, certify that:

(1)      I have  reviewed  this  quarterly  report  on Form  10-Q  of  Municipal
         Securities Purchase, Inc.;

(2)      Based  on my  knowledge,  this  report  does  not  contain  any  untrue
         statement of a material fact or omit to state a material fact necessary
         to make the statements made, in light of the circumstances  under which
         such  statements  were made, not misleading  with respect to the period
         covered by this report;

(3)      Based on my knowledge,  the financial  statements,  and other financial
         information  included in this  report,  fairly  present in all material
         respects the financial condition,  results of operations and cash flows
         of the registrant as of, and for, the periods presented in this report;

(4)      The  registrant's  other  certifying  officer and I are responsible for
         establishing  and  maintaining  disclosure  controls and procedures (as
         defined  in  Exchange  Act  Rules  13a-15(e)  and  15d-15(e))  for  the
         registrant and have:

         (a)  Designated such disclosure controls and procedures, or caused such
              disclosure  controls  and  procedures  to be  designed  under  our
              supervision,  to ensure that material  information relating to the
              registrant, including its consolidated subsidiaries, is made known
              to us by others  within those  entities,  particularly  during the
              period in which this report is being prepared;

         (b)  Evaluated  the   effectiveness  of  the  registrant's   disclosure
              controls  and   procedures   and  presented  in  this  report  our
              conclusions about the effectiveness of the disclosure controls and
              procedures,  as of the end of the period  covered  by this  report
              based on such evaluation; and

         (c)  Disclosed in this report and change in the  registrant's  internal
              control  over  financial   reporting  that  occurred   during  the
              registrant's  most  recent  fiscal  quarter  that  has  materially
              affected,  or is  reasonably  likely  to  materially  affect,  the
              registrant's internal control over financial reporting; and

(5)      The registrant's other certifying  officer and I have disclosed,  based
         on our most  recent  evaluation  of  internal  control  over  financial
         reporting,  to the registrant's auditors and the audit committee of the
         registrant's board of directors;

         (a)  All significant deficiencies and material weaknesses in the design
              or operation of internal  control over financial  reporting  which
              are reasonably likely to adversely affect the registrant's ability
              to record,  process,  summarize and report financial  information;
              and

         (b)  Any fraud,  whether or not material,  that involves  management or
              other  employees who have a significant  role in the  registrant's
              internal control over financial reporting.

Date:  October 26, 2004

/s/ Brian Wenzel

Brian Wenzel
Chairman
(Principal Executive Officer)


<PAGE>

                                                                   EXHIBIT 31(B)
                                 CERTIFICATIONS

I, Kathleen Gan, certify that:

(1)      I have  reviewed  this  quarterly  report  on Form  10-Q  of  Municipal
         Securities Purchase, Inc.;

(2)      Based  on my  knowledge,  this  report  does  not  contain  any  untrue
         statement of a material fact or omit to state a material fact necessary
         to make the statements made, in light of the circumstances  under which
         such  statements  were made, not misleading  with respect to the period
         covered by this report;

(3)      Based on my knowledge,  the financial  statements,  and other financial
         information  included in this  report,  fairly  present in all material
         respects the financial condition,  results of operations and cash flows
         of the registrant as of, and for, the periods presented in this report;

(4)      The  registrant's  other  certifying  officer and I are responsible for
         establishing  and  maintaining  disclosure  controls and procedures (as
         defined  in  Exchange  Act  Rules  13a-15(e)  and  15d-15(e))  for  the
         registrant and have:

         (a)  Designated such disclosure controls and procedures, or caused such
              disclosure  controls  and  procedures  to be  designed  under  our
              supervision,  to ensure that material  information relating to the
              registrant, including its consolidated subsidiaries, is made known
              to us by others  within those  entities,  particularly  during the
              period in which this report is being prepared;

         (b)  Evaluated  the   effectiveness  of  the  registrant's   disclosure
              controls  and   procedures   and  presented  in  this  report  our
              conclusions about the effectiveness of the disclosure controls and
              procedures,  as of the end of the period  covered  by this  report
              based on such evaluation; and

         (c)  Disclosed in this report and change in the  registrant's  internal
              control  over  financial   reporting  that  occurred   during  the
              registrant's  most  recent  fiscal  quarter  that  has  materially
              affected,  or is  reasonably  likely  to  materially  affect,  the
              registrant's internal control over financial reporting; and

(5)      The registrant's other certifying  officer and I have disclosed,  based
         on our most  recent  evaluation  of  internal  control  over  financial
         reporting,  to the registrant's auditors and the audit committee of the
         registrant's board of directors;

         (a)  All significant deficiencies and material weaknesses in the design
              or operation of internal  control over financial  reporting  which
              are reasonably likely to adversely affect the registrant's ability
              to record,  process,  summarize and report financial  information;
              and

         (b)  Any fraud,  whether or not material,  that involves  management or
              other  employees who have a significant  role in the  registrant's
              internal control over financial reporting.

Date:  October 26, 2004
/s/ Kathleen Gan
Kathleen Gan
Vice President and Treasurer
(Principal Financial and Accounting Officer)


<PAGE>

                                                                      EXHIBIT 32

                CERTIFICATIONS PURSUANT TO 18 U.S.C. SECTION 1350


In connection with the Quarterly Report of Municipal Securities  Purchase,  Inc.
(the  "registrant")  on Form 10-Q for the period ended  September  30, 2004,  as
filed with the  Securities  and  Exchange  Commission  on the date  hereof  (the
"report"),  we, Brian Wenzel and Kathleen Gan,  Chairman and Vice  President and
Treasurer,  respectively,  of the  registrant,  certify,  pursuant  to 18 U.S.C.
Section 1350, that to our knowledge:

(1)      The report fully complies with the requirements of Section 13(a) or
         15(d) of the Securities Exchange Act of 1934, as amended; and

(2)      The  information  contained  in  the  report  fairly  presents,  in all
         material respects, the financial condition and results of operations of
         the registrant.




Date:  October 26, 2004

/s/ Brian Wenzel
----------------
Brian Wenzel
Chairman
(Principal Executive Officer)



/s/ Kathleen Gan
----------------
Kathleen Gan
Vice President and Treasurer
(Principal Financial and Accounting Officer)


<PAGE>