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 MARCH 31, 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 MAY 6, 1997
--------------                          __________________

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.


                       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 - 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




ITEM 1.   Financial Statements and Supplementary Data.

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



<TABLE>
<CAPTION>
ASSETS                                  MARCH 31,     DECEMBER 31,
                                          1997            1996
                                      -----------     ------------
                                      (UNAUDITED)

<S>                                   <C>             <C>
Short-term investments                $   109,277      $   109,277
Liquidity fees receivable               2,857,131        1,905,938
Due from affiliates                    15,162,127       13,284,308
Deferred tax asset                      1,467,106        1,377,427
Other assets                              321,688          322,079
                                      -----------      -----------

     Total assets                     $19,917,329      $16,999,029
                                      ===========      ===========


LIABILITIES AND STOCKHOLDER'S EQUITY

Liabilities:

Deferred liquidity fee income         $   324,828     $    347,223
Commitment fees payable to GE Capital     688,708          643,741
Accounts payable and accrued expenses     401,869          412,619
Taxes payable                           9,307,288        8,094,410
                                        ---------        ---------

     Total liabilities                 10,722,693        9,497,993
                                       ----------        ---------

Stockholder's Equity:

Common stock, par value $10.00 per share;
   10 shares authorized, issued and
   outstanding                                100             100
Retained earnings                       9,194,536       7,500,936
                                       ----------      ----------

     Total stockholder's equity         9,194,636       7,501,036
                                       ----------     -----------

     Total liabilities and
     stockholder's equity             $19,917,329     $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)


<TABLE>
<CAPTION>
                                      FOR THE THREE MONTHS ENDED
                                              MARCH 31,

                                           1997          1996
                                           ----          ----
<S>                                     <C>            <C>
Liquidity fee Income                    $2,941,046     $3,069,843
Investment Income                                -          1,414
                                         ---------      ---------

Total Revenues                           2,941,046      3,071,257

General and administrative expenses        124,247         71,549
                                         ---------      ---------
Income before provision for
     income taxes                        2,816,799      2,999,708
                                         ---------      ---------

Provisions for income taxes
     Federal                               911,939        970,698
     State and Local                       211,260        224,872
                                         ---------      ---------


Total provisions for income taxes        1,123,199      1,195,570
                                         ---------      ---------
Net income                              $1,693,600     $1,804,138
                                        ==========     ==========

</TABLE>



           See accompanying notes to interim financial statements.





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

<TABLE>
<CAPTION>
                                                                                  FOR THE THREE MONTHS ENDED


                                                                                           March 31,
                                                                                       1997         1996
                                                                                       ____         ____
<S>                                                                              <C>          <C>
OPERATING ACTIVITIES:

Net income                                                                       $1,693,600   $1,804,138
  Adjustments to reconcile net
  income to net cash provided by
  operating activities:
    Deferred income tax expense                                                     (89,679)     (94,882)
    Change in taxes payable                                                       1,212,878    1,290,453
    Change in due from affiliates                                                (1,877,819)  (3,192,591)
    Change in due to affiliates                                                           -        8,401
    Change in Other Assets                                                              391            -
    Change in liquidity fees receivable                                            (951,193)     (50,659)
    Change in deferred liquidity fee income                                         (22,395)     173,406
    Change in accounts payable and accrued expenses                                 (10,750)      16,928
    Change in commitment fees payable to GE Capital                                  44,967       46,220
                                                                                     ------      -------

    Cash provided by operating activities                                                 -        1,414
                                                                                     ------      -------

FINANCING ACTIVITIES:

    Net change in cash and cash equivalents                                               -        1,414
                                                                                     ------        -----

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

  Cash and cash equivalents at end of period                                       $109,277     $109,277
                                                                                   ========     ========



              See accompanying notes to interim financial statements.




                          FGIC SECURITIES PURCHASE, INC.
                (A WHOLLY-OWNED SUBSIDIARY OF FGIC HOLDINGS, INC.)


                      NOTES TO INTERIM FINANCIAL STATEMENTS
                                  MARCH 31, 1996
                                   (UNAUDITED)


(1)  BUSINESS
     --------

     FGIC Securities Purchase, Inc. ("FGIC-SPI") is a wholly-owned subsidiary
     of FGIC Holdings, Inc. (the "Parent") which, in turn, is wholly-owned by
     General Electric Capital Corporation ("GE Capital").  FGIC-SPI provides
     liquidity for certain floating rate municipal securities whereby
     FGIC-SPI will, under certain circumstances, purchase such securities in
     the event they are tendered by the holders thereof as permitted under
     the terms of the respective bond indentures.  As of March 31, 1997,
     FGIC-SPI had approximately $2.8 billion (par and interest) of potential
     obligations under such arrangements.  In order to obtain funds to
     purchase the securities, FGIC-SPI has entered into standby loan
     agreements with GE Capital totaling $4.0 billion at March 31, 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 the three months
     ended March 31, 1997 and 1996, (b) the financial position at March 31,
     1997 and December 31, 1996, and (c) cash flows for the three months ended
     March 31, 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 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.

     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 March 31, 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.  In the first quarter of 1997,
          FGIC-SPI earned liquidity fees of $2,941,046 compared to $3,069,843
          in the first quarter of 1996. FGIC-SPI incurred $124,247 and
          $71,549 of general and administrative expenses for the three months
          ended March 31, 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)


</TABLE>