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, 2002


                           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 13, 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>
                                TABLE OF CONTENTS


                                                                            PAGE
                                                                            ----


PART I.  FINANCIAL INFORMATION


      Item 1.     Financial Statements

                  Balance Sheets                                             3
                  Statements of Income                                       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              9



PART II. OTHER INFORMATION

      Item 1 - Item 6                                                        10


      Signatures                                                             11


                                     Page 2
<PAGE>



ITEM 1.        Financial Statements and Supplementary Data.

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



ASSETS                                                                    MARCH 31,               DECEMBER 31,
                                                                            2002                      2001
                                                                      --------------             --------------
                                                                        (UNAUDITED)

<S>                                                                   <C>                         <C>
Cash                                                                  $     146,591               $          0
Liquidity fees receivable                                                 2,790,052                  1,837,773
Due from GE Capital                                                      30,280,978                 29,096,779
Other assets                                                                147,822                    147,822
                                                                      --------------             --------------

     Total assets                                                       $33,365,443                $31,082,374
                                                                      ==============             ==============


LIABILITIES AND STOCKHOLDER'S EQUITY

Liabilities:

Deferred liquidity fee income                                         $     911,814              $     865,611
Due to affiliates                                                         1,365,731                    642,137
Commitment fees payable to GE Capital                                       770,240                    700,251
Accounts payable and accrued expenses                                       463,952                    460,951
Taxes payable                                                               701,918                    511,913
                                                                      --------------             --------------

Total liabilities                                                      $  4,213,655               $  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                                                        28,329,543                 27,079,266
                                                                      --------------             --------------

     Total stockholder's equity                                         $29,151,788                $27,901,511
                                                                      --------------             --------------

     Total liabilities and stockholder's equity                         $33,365,443                $31,082,374
                                                                      ==============             ==============
</TABLE>


See accompanying notes to unaudited interim financial statements.

                                     Page 3


<PAGE>


<TABLE>
<CAPTION>
                         FGIC SECURITIES PURCHASE, INC.
               (A WHOLLY-OWNED SUBSIDIARY OF FGIC HOLDINGS, INC.)
                              STATEMENTS OF INCOME
                                   (UNAUDITED)


                                                                          FOR THE THREE MONTHS
                                                                             ENDED MARCH 31,
                                                                         2002               2001
                                                                         ----               ----
<S>                                                                   <C>               <C>
Liquidity fee income                                                  $2,236,866        $1,626,929
General and administrative expenses                                      172,989           284,158
                                                                      -----------       -----------
Income before income taxes                                             2,063,877         1,342,771
                                                                      -----------       -----------
Income tax expense:
   Federal                                                               669,129           437,072
   State and local                                                       144,471            93,994
                                                                      -----------       -----------

         Total income tax expense                                        813,600           531,066
                                                                      -----------       -----------
         Net income                                                   $1,250,277        $  811,705
                                                                      ===========       ===========
</TABLE>


See accompanying notes to unaudited interim financial statements


                                     Page 4
<PAGE>

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


                                                                                 FOR THE THREE MONTHS ENDED
                                                                                          MARCH 31,
                                                                                 2002                   2001
                                                                            -------------           -------------

OPERATING ACTIVITIES:

<S>                                                                           <C>                      <C>
Net income                                                                    $1,250,277               $ 811,705
   Adjustments to reconcile net
   income to net cash provided by
   operating activities:
      Change in taxes payable                                                    190,005                (122,474)
      Change in due from GE Capital                                           (1,184,199)              6,468,779
      Change in due to affiliates                                                723,594              (7,155,083)
      Change in other assets                                                           -                   8,451
      Change in liquidity fees receivable                                       (952,279)                (67,297)
      Change in deferred liquidity fee income                                     46,203                   4,269
      Change in accounts payable and accrued expenses                              3,001                   6,626
      Change in commitment fees payable to GE Capital                             69,989                  45,024
                                                                            -------------           -------------

     Cash provided by operating activities                                       146,591                       -
                                                                            -------------           -------------

 Net change in cash and cash equivalents                                         146,591                       -
                                                                            -------------           -------------

   Cash and cash equivalents at beginning of period                                    -                       -
                                                                            -------------           -------------

   Cash and cash equivalents at end of period                                $   146,591             $         -
                                                                            =============           =============
</TABLE>


See accompanying notes to uaudited interim financial statements.


                                     Page 5
<PAGE>

                         FGIC SECURITIES PURCHASE, INC.
               (A WHOLLY-OWNED SUBSIDIARY OF FGIC HOLDINGS, INC.)
                 NOTES TO UNAUDITED INTERIM FINANCIAL STATEMENTS
                                 MARCH 31, 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  indentures.  As of
         March 31,  2002,  FGIC-SPI  had  approximately  $4.7  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  $4.7  billion at March 31,  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 months ending March 31, 2002 and 2001, (b) the
         financial  position as of March 31, 2002 and December 31, 2001, and (c)
         cash flows for the three months ended March 31, 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:

         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,  which  are  not  with  affiliated   entities,   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,
         usually five years, 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,  liquidity fees  receivable,  due
         from GE Capital,  other assets,  deferred  liquidity fee income, due to
         affiliates, commitment fees payable to GE Capital, accounts payable and
         accrued expenses and taxes payable, approximate their fair values.


                                     Page 6
<PAGE>

         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 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.

         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.  For the three
         months ended March 31, 2002 and 2001 expenses of $100,000 and $236,508,
         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.

         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 March 31, 2002,  management  does not anticipate any losses relative
         to such arrangements.

         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.


                                     Page 7
<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 three  months  ended  March  31,  2002,  FGIC-SPI  earned
               liquidity fees of $2,236,866 compared to $1,626,929 for the three
               months  ended  March  31,  2001.  The  increase  in  earnings  is
               primarily  due to new deals  written  during  2001 being fully in
               effect in 2002. FGIC-SPI incurred $72,989 and $284,158 of general
               and administrative  expenses for the three months ended March 31,
               2002  and   2001,   respectively.   Included   in   general   and
               administrative  expenses were  commitment fees owed to GE Capital
               of  $69,989  in  2002  and  $45,025  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 level of corporate effort
               expended decreasing  relative to FGIC-SPI.  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  ($30.3  million at
               March 31,  2002) and draw upon the standby loan  agreement  ($4.7
               billion at March 31, 2002) in the amount of the purchase price of
               tendered bonds.

               Net cash provided by operating activities was $146,591 and $0 for
               the three  months  ended March 31,  2002 and 2001,  respectively.
               There  were no cash  flows  related to  investing  and  financing
               activities for the three months ended March 31, 2002 and 2001.


               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 judgements. The Company's
               accounting  policy with respect to the recognition of revenue was
               considered a critical accounting policy.


                                     Page 8
<PAGE>

                           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 9
<PAGE>

                                   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:      May 13, 2002
           --------------------------        -----------------------------------
                                                    Deborah Mary Reif
                                                    President (principal
                                                    executive officer)



Date:      May 13, 2002s
           ---------------------------       -----------------------------------
                                                    David Patrick Shea
                                                    Treasurer (principal
                                                    financial and
                                                    accounting officer)




                                     Page 10
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