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, 2002


                           Commission File No. 0-19564


                         FGIC SECURITIES PURCHASE, INC.
                             A DELAWARE CORPORATION
                   IRS EMPLOYER IDENTIFICATION NO. 13-3633082
                    125 PARK AVENUE, NEW YORK, NEW YORK 10017
                           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 October 25, 2002
--------------
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>

                         FGIC SECURITIES PURCHASE, INC.
               (A Wholly Owned Subsidiary of FGIC Holdings, Inc.)



                                TABLE OF CONTENTS




                                                                            PAGE

PART I. FINANCIAL INFORMATION
Item 1. Financial Statements:
          Balance Sheets                                                       1
          Statements of Income                                                 2
          Statements of Cash Flows                                             3
          Note to Unaudited Interim Financial Statements                       4

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

Item 4.   Controls and Procedures                                              7

PART II. OTHER INFORMATION
Other Information:
Item 1. Legal Proceedings                                                      8
Item 2. Changes in Securities                                                  8
Item 3. Defaults on Senior Securities                                          8
Item 4. Submission of Matters to a Vote of Security Holders                    8
Item 5. Other Information                                                      8
Item 6. Exhibits and Reports on Form 8-K                                       8

Signatures                                                                     9

Certifications                                                                10


<PAGE>
<TABLE>
<CAPTION>
              ITEM 1. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
                         FGIC SECURITIES PURCHASE, INC.
               (A Wholly Owned Subsidiary of FGIC Holdings, Inc.)
                                 Balance Sheets
                    September 30, 2002 and December 31, 2001

                                                                                     SEPTEMBER 30,          DECEMBER 31,
                                    Assets                                                2002                  2001
                                                                                   -------------------   -------------------
                                                                                      (Unaudited)
<S>                                                                             <C>                            <C>
Liquidity fees receivable                                                       $        1,753,436             1,837,773
Due from GE Capital                                                                     36,440,004            29,096,779
Other assets                                                                                59,788               147,822
                                                                                   -------------------   -------------------
                 Total assets                                                   $       38,253,228            31,082,374
                                                                                   ===================   ===================
                     LIABILITIES AND STOCKHOLDER'S EQUITY
Liabilities:
     Deferred liquidity fee income                                              $          957,062               865,611
     Due to affiliates                                                                   3,088,043               642,137
     Commitment fees payable to GE Capital                                                 919,196               700,251
     Accounts payable and accrued expenses                                                 522,630               460,951
     Taxes payable                                                                         987,750               511,913
                                                                                   -------------------   -------------------
                 Total liabilities                                                       6,474,681             3,180,863
                                                                                   -------------------   -------------------
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                                                                  30,956,302            27,079,266
                                                                                   -------------------   -------------------
                 Total stockholder's equity                                             31,778,547            27,901,511
                                                                                   -------------------   -------------------
                 Total liabilities and stockholder's equity                     $       38,253,228            31,082,374
                                                                                   ===================   ===================
</TABLE>


See accompanying notes to unaudited financial statements.


                                     - 1 -
<PAGE>
<TABLE>
<CAPTION>
                         FGIC SECURITIES PURCHASE, INC.
               (A Wholly Owned Subsidiary of FGIC Holdings, Inc.)
                              Statements of Income
                                   (Unaudited)
                                                      THREE MONTHS ENDED                      NINE MONTHS ENDED
                                                         SEPTEMBER 30,                          SEPTEMBER 30,
                                              ------------------------------------   ------------------------------------
                                                    2002               2001                2002               2001
                                              -----------------  -----------------   -----------------   ----------------
<S>                                        <C>                       <C>                 <C>                <C>
Liquidity fee income                       $      2,782,371          1,601,093           7,029,785          4,922,414
General and administrative expenses                 277,622            231,640             616,160            767,370
                                              -----------------  -----------------   -----------------   ----------------
             Income before income taxes           2,504,749          1,369,453           6,413,625          4,155,044
                                              -----------------  -----------------   -----------------   ----------------
Income tax expense:
    Federal                                         815,295            445,757           2,087,635          1,352,467
    State and local                                 175,333             95,862             448,954            290,853
                                              -----------------  -----------------   -----------------   ----------------
             Total income tax expense               990,628            541,619           2,536,589          1,643,320
                                              -----------------  -----------------   -----------------   ----------------
             Net income                    $      1,514,121            827,834           3,877,036          2,511,724
                                              =================  =================   =================   ================
</TABLE>

See accompanying notes to unaudited financial statements.


                                     - 2 -
<PAGE>
<TABLE>
<CAPTION>
                         FGIC SECURITIES PURCHASE, INC.
               (A Wholly Owned Subsidiary of FGIC Holdings, Inc.)
                            Statements of Cash Flows
                  Nine months ended September 30, 2002 and 2001
                                   (Unaudited)
                                                                                              NINE MONTHS ENDED
                                                                                                SEPTEMBER 30,
                                                                                   -----------------------------------------
                                                                                          2002                  2001
                                                                                   -------------------   -------------------
<S>                                                                             <C>                            <C>
Operating activities:
     Net income                                                                 $        3,877,036             2,511,724
     Adjustments to reconcile net income to net provided by
        operating activities:
           Change in taxes payable                                                         475,837              (111,921)
           Change in due from GE Capital                                                (7,343,225)            5,297,455
           Change in due from affiliates                                                       --               (103,946)
           Change in due to affiliates                                                   2,445,906            (7,786,456)
           Change in other assets                                                           88,034               173,976
           Change in liquidity fees receivable                                              84,337              (108,692)
           Change in deferred liquidity fee income                                          91,451               (23,697)
           Change in accounts payable and accrued expenses                                  61,679                12,154
           Change in commitment fees payable to GE Capital                                 218,945               139,403
                                                                                   -------------------   -------------------
                 Cash provided by operating activities                                         --                    --
                                                                                   -------------------   -------------------
                 Net change in cash and cash equivalents                                       --                    --
Cash and cash equivalents at beginning of period                                               --                    --
                                                                                   -------------------   -------------------
Cash and cash equivalents at end of period                                      $              --                    --
                                                                                   ===================   ===================
</TABLE>

See accompanying notes to unaudited financial statements.


                                     - 3 -
<PAGE>


                         FGIC SECURITIES PURCHASE, INC.
               (A Wholly Owned Subsidiary of FGIC Holdings, Inc.)

                 Notes to Unaudited Interim Financial Statements

                               September 30, 2002

                                   (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  authorizing  documents.  As of September 30, 2002,
       FGIC-SPI had  approximately  $4.8 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  $4.8
       billion at September 30, 2002, 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 unaudited 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,  2002 and  2001,  (b) the
       financial  position as of September  30, 2002 and December 31, 2001,  and
       (c) cash flows for the nine months ended September 30, 2002 and 2001.

       These  unaudited   interim   financial   statements  should  be  read  in
       conjunction  with the financial  statements and related notes included in
       the 2001 Annual Report on Form 10-K.

       Significant accounting policies are as follows:

       (A)    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 six months or less, which are not with affiliated entities,  to
              be cash equivalents.

       (B)    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,  usually five years, and installments  fees are earned
              straight-line over the installment period.

       (C)    FAIR VALUES OF FINANCIAL INSTRUMENTS

              The carrying amounts of FGIC-SPI's financial instruments, relating
              primarily to short-term  investments,  liquidity fees  receivable,
              due from GE Capital, other assets,  deferred liquidity fee income,
              due  to  affiliates,   commitment  fees  payable  to  GE  Capital,
              accounts,  and accrued  expenses  and taxes  payable,  approximate
              their fair values.


                                     - 4 -
<PAGE>

       (D)    SEC REGISTRATION FEES

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

       (E)    EXPENSES

              Direct  expenses  incurred  by the Parent are fully  allocated  to
              FSIC-SPI  on a specific  identification  basis.  Employee  related
              expenses are  allocated by  affiliates  to FGIC-SPI.  For the nine
              months ended  September 30, 2002 and 2001 expenses of $385,155 and
              $639,221  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.

       (F)    COMMITMENT FEES

              The  commitment  fees are  accrued  on the  outstanding  liquidity
              facilities.

       (G)    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, 2002,  management  does not anticipate any losses
              relative to such arrangements.

       (H)    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.


                                     - 5 -
<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, 2002,  FGIC-SPI earned  liquidity
       fees of  $7,029,785  compared to  $4,922,414  for the nine  months  ended
       September  30, 2001.  The  increase in earnings is  primarily  due to new
       deals  written  during  2001  being  fully in  effect  in 2002.  FGIC-SPI
       incurred $616,160 and $767,370 of general and administrative expenses for
       the nine months ended September 30, 2002 and 2001, respectively. Included
       in general and  administrative  expenses were  commitment fees owed to GE
       Capital  of  $218,944  in 2002 and  $139,403  in 2001.  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
       decreased due to the significant  decrease in the number of deals written
       in 2002 as compared to 2001.  The effective  Federal tax rate during 2002
       and  2001 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, 2002,  FGIC-SPI earned liquidity
       fees of  $2,782,371  compared to  $1,601,093  for the three  months ended
       September  30, 2001.  The  increase in earnings is  primarily  due to new
       deals  written  during  2001  being  fully in  effect  in 2002.  FGIC-SPI
       incurred $277,622 and $231,640 of general and administrative expenses for
       the  three  months  ended  September  30,  2002 and  2001,  respectively.
       Included in general and administrative expenses were commitment fees owed
       to GE Capital of $87,937 in 2002 and  $47,713 in 2001.  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
       decreased due to the significant  decrease in the number of deals written
       in 2002 as compared to 2001.  The effective  Federal tax rate during 2002
       and  2001 was  equal  to the  Federal  corporate  tax rate of 35%  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 outflow) 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  ($36.4  million at
       September  30,  2002)  and draw upon the  standby  loan  agreement  ($4.8
       billion at September  30,  2002) in the amount of the  purchase  price of
       tendered bonds.


                                     - 6 -
<PAGE>

       CRITICAL ACCOUNTING POLICIES

       The  footnotes  to  the  Company's  financial   statements  disclose  the
       Company's significant accounting policies.  Certain of these policies are
       critical  to the  portrayal  of the  Company's  financial  condition  and
       results of operations as they require  management to establish  estimates
       based on  subjective  judgments.  The  Company's  accounting  policy with
       respect  to  the   recognition  of  revenue  was  considered  a  critical
       accounting policy.

ITEM 4. CONTROLS AND PROCEDURES

       (a)    Under the supervision and with the  participation of the Company's
              management,  including  the  Company's  President  along  with the
              Company's Treasurer,  we evaluated the effectiveness of the design
              and operation of the Company's  disclosure controls and procedures
              as defined in Rule 13a-14 under the Exchange Act as of a date (the
              Evaluation  Date)  within 90 days prior to the filing date of this
              report.  Based upon that evaluation,  the Company's  President and
              Treasurer concluded that, as of the Evaluation Date, the Company's
              disclosure  controls  and  procedures  were  effective  in  timely
              alerting  them to  material  information  relating  to the Company
              required to be included in the Company's periodic SEC filings.

       (b)    There have been no significant  changes in the Company's  internal
              controls  during  the  period  covered  by this  report or, to our
              knowledge,  in other  factors  which  could  significantly  affect
              internal  controls  subsequent to the date the Company carried out
              its evaluation.


                                     - 7 -
<PAGE>


                                OTHER INFORMATION



1.     LEGAL PROCEEDINGS

       Omitted

2.     CHANGES IN SECURITIES

       Omitted

3.     DEFAULTS ON SENIOR SECURITIES

       Omitted

4.     SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

       Omitted

5.     OTHER INFORMATION

       Omitted

6.     EXHIBITS AND REPORTS ON FORM 8-K

       a)     Exhibits

              Exhibit 99.1 - Certification Pursuant to 18 U.S.C. Section 1350 As
              Adopted  Pursuant  to Section  906 of the  Sarbanes - Oxley Act of
              2002

              Exhibit 99.2 - Certification Pursuant to 18 U.S.C. Section 1350 As
              Adopted  Pursuant  to Section  906 of the  Sarbanes - Oxley Act of
              2002.

       b)     Report on Form 8-K

              Omitted


                                     - 8 -
<PAGE>

                                   SIGNATURES



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



                                                  FGIC SECURITIES PURCHASE, INC.
                                                  ------------------------------
                                                          (Registrant)

Date:   ________________                           /s/ Deborah Mary Reif
                                                  ------------------------------
                                                         Deborah Mary Reif
                                                         President (principal
                                                         executive officer)


Date:   ________________                           /s/ David Patrick Shea
                                                  ------------------------------
                                                         David Patrick Shea
                                                         Treasurer (principal
                                                         financial and
                                                         accounting officer)


                                     - 9 -
<PAGE>


                                  CERTIFICATION



I, Deborah M. Reif, certify that:

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

(2)    Based on my knowledge,  this quarterly 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 quarterly report;

(3)    Based on my knowledge,  the  financial  statements,  and other  financial
       information  included in this  quarterly  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
       quarterly report;

(4)    The  registrant's  other  certifying  officers and I are  responsible for
       establishing  and  maintaining  disclosure  controls and  procedures  (as
       defined in Exchange Act Rules 13a-14 and 15d-14) for the  registrant  and
       we have:

       (a)    designed such  disclosure  controls and  procedures 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
              quarterly report is being prepared;

       (b)    evaluated  the   effectiveness  of  the  registrant's   disclosure
              controls and  procedures  as of a date within 90 days prior to the
              filing date of this quarterly report (the "Evaluation Date"); and

       (c)    presented  in this  quarterly  report  our  conclusions  about the
              effectiveness  of the disclosure  controls and procedures based on
              our evaluation as of the Evaluation Date;

(5)    The registrant's other certifying officers and I have disclosed, based on
       our most recent  evaluation,  to the registrant's  auditors and the audit
       committee of registrant's  board of directors (or persons  performing the
       equivalent function);

       (a)    All  significant  deficiencies  in  the  design  or  operation  of
              internal  controls which could adversely  affect the  registrant's
              ability to record,  process,  summarize and report  financial data
              and have  identified  for the  registrant's  auditors any material
              weaknesses in internal controls; and

       (b)    Any fraud,  whether or not material,  that involves  management or
              other  employees who have a significant  role in the  registrant's
              internal controls; and

(6)    The registrant's  other certifying  officers and I have indicated in this
       quarterly  report  whether  or not  there  were  significant  changes  in
       internal  controls or in other  factors that could  significantly  affect
       internal controls  subsequent to the date of our most recent  evaluation,
       including any corrective actions with regard to significant  deficiencies
       and material weaknesses.



Date:   ________________                     /s/ Deborah M. Reif
                                            ------------------------------------
                                                      Deborah M. Reif
                                                      President (principal
                                                      executive officer)

                                     - 10 -
<PAGE>


I, David P. Shea, certify that:

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

(2)    Based on my knowledge,  this quarterly 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 quarterly report;

(3)    Based on my knowledge,  the  financial  statements,  and other  financial
       information  included in this  quarterly  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
       quarterly report;

(4)    The  registrant's  other  certifying  officers and I are  responsible for
       establishing  and  maintaining  disclosure  controls and  procedures  (as
       defined in Exchange Act Rules 13a-14 and 15d-14) for the  registrant  and
       we have:

       (a)    designed such  disclosure  controls and  procedures 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
              quarterly report is being prepared;

       (b)    evaluated  the   effectiveness  of  the  registrant's   disclosure
              controls and  procedures  as of a date within 90 days prior to the
              filing date of this quarterly report (the "Evaluation Date"); and

       (c)    presented  in this  quarterly  report  our  conclusions  about the
              effectiveness  of the disclosure  controls and procedures based on
              our evaluation as of the Evaluation Date;

(5)    The registrant's other certifying officers and I have disclosed, based on
       our most recent  evaluation,  to the registrant's  auditors and the audit
       committee of registrant's  board of directors (or persons  performing the
       equivalent function);

       (a)    All  significant  deficiencies  in  the  design  or  operation  of
              internal  controls which could adversely  affect the  registrant's
              ability to record,  process,  summarize and report  financial data
              and have  identified  for the  registrant's  auditors any material
              weaknesses in internal controls; and

       (b)    Any fraud,  whether or not material,  that involves  management or
              other  employees who have a significant  role in the  registrant's
              internal controls; and


(6)    The registrant's  other certifying  officers and I have indicated in this
       quarterly  report  whether  or not  there  were  significant  changes  in
       internal  controls or in other  factors that could  significantly  affect
       internal controls  subsequent to the date of our most recent  evaluation,
       including any corrective actions with regard to significant  deficiencies
       and material weaknesses.


Date:   ________________                         /s/ David P. Shea
                                                --------------------------------
                                                         David P. Shea
                                                         Treasurer (principal
                                                         financial and
                                                         accounting officer)


                                     - 11 -
<PAGE>

                                                                    EXHIBIT 99.1

                CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,
                      AS ADOPTED PURSUANT TO SECTION 906 OF
                         THE SARBANES-OXLEY ACT OF 2002



In connection with the Quarterly Report of FGIC Securities  Purchase,  Inc. (the
Company) on Form 10-Q for the period  ending  September  30, 2002, as filed with
the  Securities  and Exchange  Commission  on the date hereof (the  Report),  I,
Deborah M. Reif, Chief Executive Officer of the Company,  herby certify pursuant
to  18  U.S.C.  Section  1350,  as  adopted  pursuant  to  Section  906  of  the
Sarbanes-Oxley Act of 2002, that:

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

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









Date:   ________________                         /s/ Deborah M. Reif
                                                --------------------------------
                                                       Deborah M. Reif
                                                       President (principal
                                                       executive officer)


                                     - 12 -
<PAGE>

                                                                    EXHIBIT 99.2

                CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,
                      AS ADOPTED PURSUANT TO SECTION 906 OF
                         THE SARBANES-OXLEY ACT OF 2002



In connection with the Quarterly Report of FGIC Securities  Purchase,  Inc. (the
Company) on Form 10-Q for the period  ending  September  30, 2002, as filed with
the Securities and Exchange Commission on the date hereof (the Report), I, David
P. Shea,  Chief Financial  Officer of the Company,  herby certify pursuant to 18
U.S.C.  Section 1350, as adopted  pursuant to Section 906 of the  Sarbanes-Oxley
Act of 2002, that:

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

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









Date:   ________________                         /s/ David P. Shea
                                                --------------------------------
                                                       David P. Shea
                                                       Treasurer (principal
                                                       financial and
                                                       accounting officer)

                                     - 13 -
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