<PAGE>   1

                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, 2000


                           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 [ ]



<TABLE>
<S>                                                  <C>
                                                        SHARES OUTSTANDING
TITLE OF CLASS                                       AT NOVEMBER 8, 2000
--------------                                       ---------------------
Common Stock (voting), $10.00 par value                           10
</TABLE>





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>   2

                                TABLE OF CONTENTS


<TABLE>
<CAPTION>
                                                                                   PAGE
                                                                                   ----
<S>                                                                                <C>
PART I. FINANCIAL INFORMATION


     Item 1.   Financial Statements

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


     Item 2.   Management's Discussion and Analysis of
               Financial Condition and Results of
               Operations                                                            8



PART II.       OTHER INFORMATION

     Item 1 - Item 6                                                                 9


     Signatures                                                                     10
</TABLE>



<PAGE>   3

ITEM 1.      Financial Statements and Supplementary Data.

                         FGIC SECURITIES PURCHASE, INC.
               (A WHOLLY-OWNED SUBSIDIARY OF FGIC HOLDINGS, INC.)
                                 BALANCE SHEETS
<TABLE>
<CAPTION>
ASSETS                                               SEPTEMBER 30,     DECEMBER 31,
                                                         2000             1999
                                                     ------------      -----------
                                                      (UNAUDITED)
<S>                                                   <C>              <C>
Cash & cash equivalents                               $        --      $   132,383
Liquidity fees receivable                               1,708,783          728,904
Due from GE Capital                                    30,731,298       25,253,791
Other assets                                              171,127          339,990
                                                      -----------      -----------

    Total assets                                      $32,611,208      $26,455,068
                                                      ===========      ===========


LIABILITIES AND STOCKHOLDER'S EQUITY

Liabilities:

Deferred liquidity fee income                         $   574,785      $   251,324
Due to affiliates                                       1,791,745           40,000
Commitment fees payable to GE Capital                     452,337          320,831
Accounts payable and accrued expenses                     205,920          326,759
Deferred tax liability                                         --            1,111
Taxes payable                                           5,978,422        4,655,157
                                                      -----------      -----------

    Total liabilities                                   9,003,209        5,595,182
                                                      -----------      -----------

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                                      22,785,754       20,037,641
                                                      -----------      -----------

    Total stockholder's equity                         23,607,999       20,859,886
                                                      -----------      -----------

    Total liabilities and stockholder's equity        $32,611,208      $26,455,068
                                                      ===========      ===========
</TABLE>



             See accompanying notes to interim financial statements.



<PAGE>   4

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

<TABLE>
<CAPTION>
                                                For The Three Months             For The Nine Months
                                                 Ended September 30,             Ended September 30,
                                                 2000           1999             2000            1999
                                              ----------      ----------      ----------      ----------
<S>                                           <C>             <C>             <C>             <C>
Liquidity fee income                          $1,609,498      $1,550,423      $4,869,201      $4,811,099
Investment income                                     --           1,537           1,339           4,421
                                              ----------      ----------      ----------      ----------
Total revenues                                 1,609,498       1,551,960       4,870,540       4,815,520
General and administrative expenses              138,287         174,702         324,447         540,619
                                              ----------      ----------      ----------      ----------
Income before provision for income taxes       1,471,211       1,377,258       4,546,093       4,274,901
                                              ----------      ----------      ----------      ----------
Provisions for income taxes
  Federal                                        478,879         448,298       1,479,753       1,391,480
  State and local                                102,985          96,408         318,227         299,243
                                              ----------      ----------      ----------      ----------
Total provisions for income taxes                581,864         544,706       1,797,980       1,690,723
                                              ----------      ----------      ----------      ----------
Net income                                    $  889,347      $  832,552      $2,748,113      $2,584,178
                                              ==========      ==========      ==========      ==========
</TABLE>



             See accompanying notes to interim financial statements



<PAGE>   5

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

<TABLE>
<CAPTION>
                                                            FOR THE NINE MONTHS ENDED
                                                                 SEPTEMBER 30,
                                                             2000              1999
                                                          -----------       -----------
<S>                                                       <C>               <C>
OPERATING ACTIVITIES:

Net income                                                $ 2,748,113       $ 2,584,178
  Adjustments to reconcile net
  income to net cash provided by
  operating activities:
     Deferred income tax expense                               (1,111)         (104,735)
     Change in taxes payable                                1,323,265           781,284
     Change in due from GE Capital                         (5,477,507)       (3,521,875)
     Change in due to affiliates                            1,751,745           135,412
     Change in other assets                                   168,863                --
     Change in liquidity fees receivable                     (979,879)           28,443
     Change in deferred liquidity fee income                  323,461           (18,148)
     Change in accounts payable and accrued expenses         (120,839)               --
     Change in commitment fees payable to GE Capital          131,506           119,862
                                                          -----------       -----------

    Cash provided by operating activities                    (132,383)            4,421
                                                          -----------       -----------

 Net change in cash and cash equivalents                     (132,383)            4,421
                                                          -----------       -----------

  Cash and cash equivalents at beginning of period            132,383           126,285
                                                          -----------       -----------

  Cash and cash equivalents at end of period              $        --       $   130,706
                                                          ===========       ===========
</TABLE>



             See accompanying notes to interim financial statements.



<PAGE>   6




                         FGIC SECURITIES PURCHASE, INC.
               (A WHOLLY-OWNED SUBSIDIARY OF FGIC HOLDINGS, INC.)
                      NOTES TO INTERIM FINANCIAL STATEMENTS
                               SEPTEMBER 30, 2000
                                   (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, 2000,
        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 $5.0 billion at September 30, 2000,
        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, 2000 and 1999, (b) the financial position at September 30,
        2000 and December 31, 1999, and (c) cash flows for the nine months ended
        September 30, 2000 and 1999.

        These interim financial statements should be read in conjunction with
        the financial statements and related notes included in the 1999 audited
        financial statements.

        Significant accounting policies are as follows:

        CASH AND CASH EQUIVALENTS

        Cash and cash equivalents are carried at cost, which approximates fair
        value. For purposes of the statement of cash flows, FGIC-SPI considers
        all highly liquid investments with original maturities of three months
        or less to be cash equivalents.

        REVENUE RECOGNITION

        Fees are paid up-front and in installments. Up-front fees are earned on
        a straight-line basis over the life of the liquidity commitment, and
        installment fees are earned straight-line over the installment period.

        FAIR VALUES OF FINANCIAL INSTRUMENTS

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

        SEC REGISTRATION FEES

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




<PAGE>   7

        EXPENSES

        Direct expenses incurred by the Parent are fully allocated to FGIC-SPI
        on a specific identification basis. Employee related expenses are
        allocated by affiliates to FGIC-SPI based on the percentage of time such
        employees devote to the activities of FGIC-SPI. Management believes that
        such allocation method is reasonable. Management believes that such
        expenses, as reported in the statement of income, would not differ
        materially from what expenses would have been on a stand-alone basis.

        COMMITMENT FEES

        The commitment fees are accrued on the outstanding liquidity facilities.

        RESERVE FOR LOSSES

        It is management's policy to establish a reserve for losses based upon
        its estimate of the ultimate aggregate losses relative to its
        obligations under the liquidity facility arrangements written.

        At September 30, 2000, management does not anticipate any losses
        relative to such arrangements.

        INCOME TAXES

        Deferred tax assets and liabilities are recognized for the future tax
        consequences attributable to differences between the financial statement
        carrying amounts of existing assets and liabilities and their respective
        tax bases, on a stand alone basis, as provided in SFAS No. 109,
        "Accounting for Income Taxes". Deferred tax assets and liabilities are
        measured using enacted tax rates expected to apply to taxable income in
        the years in which those temporary differences are expected to be
        recovered or settled. The effect on deferred tax assets and liabilities
        of a change in tax rates is recognized in income in the period that
        includes the enactment date.

(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.

(4)     CURRENT ACCOUNTING PRONOUNCEMENTS

        The Financial Accounting Standards Board ("FASB") has issued, then
        subsequently amended Statement of Financial Accounting Standards
        ("SFAS") No. 133, Accounting for Derivative Instruments and Hedging
        Activities, effective for FGIC-SPI on January 1, 2001. Upon adoption,
        all derivative instruments (including certain derivative instruments
        embedded in other contracts) will be recognized in the balance sheet at
        their fair values; changes in such fair values must be recognized
        immediately in earnings unless specific hedging criteria are met.
        Management estimates that at September 30, 2000, the effects on its
        financial statements of adopting SFAS 133, as amended, will be
        immaterial. However, the transition effect as of January 1, 2001,
        cannot be estimated at this time because it is subject to the following
        unknown variables as of that date:  (1) actual derivatives,  (2) market
        values of derivatives, and  (3) further interpretation of SFAS 133 by
        the FASB.

(5)     SUBSEQUENT EVENT

        During October 2000, FGIC-SPI filed a shelf registration with the SEC
        for $1.0 billion increasing FGIC-SPI's capacity.



<PAGE>   8

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, 2000, FGIC-SPI earned liquidity fees of
             $4,869,201 compared to $4,811,099 for the nine months ended 1999.
             The slight increase in earnings is primarily due to six new deals
             written in the first nine months of 2000 offset by the renewal of
             existing deals at lower basis points. FGIC-SPI incurred $324,447
             and $540,619 of general and administrative expenses for the nine
             months ended September 30, 2000 and 1999, respectively. Included in
             general and administrative expenses were commitment fees owed to GE
             Capital of $131,506 in 2000 and $119,862 in 1999. The decrease in
             expenses is primarily due to the reduction of overall expenses. The
             expenses incurred primarily include fees associated with
             establishing the liquidity facilities. The effective federal tax
             rate during 2000 and 1999 of 35% was equal to the Federal Corporate
             tax rate. Overall net income increased for the reasons noted above.

             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
             2000, FGIC-SPI earned liquidity fees of $1,609,498 compared to
             $1,550,423 for the three months ended September 30, 1999. The
             increase in earnings is primarily due to new deals written in 2000.
             FGIC-SPI incurred $138,287 and $174,702 of general and
             administrative expenses for the three months ended September 30,
             2000 and 1999, respectively. Included in general and administrative
             expenses were commitment fees owed to GE Capital of $46,024 in 2000
             and $39,289 in 1999. The decrease in expenses is primarily due to
             the reduction of overall expenses. The expenses incurred primarily
             include fees associated with establishing the liquidity facilities.
             The effective federal tax rate during 2000 and 1999 of 35% was
             equal to the Federal Corporate tax rate. Overall net income
             increased for the reasons noted above.



<PAGE>   9

                           PART II - OTHER INFORMATION



Item 1.    Legal Proceedings

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


Item 2.    Changes in Securities

           None.


Item 3.    Defaults on Senior Securities

           None.


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

           None.


Item 5.    Other Information

           None.


Item 6.    Exhibits and Reports on Form 8-K

           a)   Exhibits

                None.

           b)   Reports on Form 8-K

                None.



<PAGE>   10

                                   SIGNATURES




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



                                                  FGIC SECURITIES PURCHASE, INC.
                                                              (Registrant)



Date:    November 8, 2000                            /s/ Ann C. Stern
         ---------------------                     -----------------------------
                                                          Ann C. Stern
                                                          President (principal
                                                          executive officer)



Date:    November 8, 2000                            /s/ Rick J. Filippelli
         ----------------------                    -----------------------------
                                                          Rick J. Filippelli
                                                          Treasurer (principal
                                                          financial and
                                                          accounting officer)