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, 2003


                           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 May 2, 2003
--------------
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 Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002      10


<PAGE>

ITEM 1.    FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

<TABLE>
<CAPTION>
                                              FGIC SECURITIES PURCHASE, INC.
                                    (A Wholly Owned Subsidiary of FGIC Holdings, Inc.)
                                                      Balance Sheets
                                           March 31, 2003 and December 31, 2002
                                                                                       MARCH 31,            DECEMBER 31,
                                    Assets                                                2003                  2002
                                                                                   -------------------   -------------------
                                                                                      (Unaudited)
<S>                                                                             <C>                            <C>
Liquidity fees receivable                                                       $        2,153,276             1,827,918
Due from GE Capital                                                                     36,518,296            34,799,176
                                                                                   -------------------   -------------------
                 Total assets                                                   $       38,671,572            36,627,094
                                                                                   ===================   ===================
                     LIABILITIES AND STOCKHOLDER'S EQUITY
Liabilities:
     Deferred liquidity fee income                                              $          847,240               926,202
     Due to affiliates                                                                   1,237,867               135,773
     Commitment fees payable to GE Capital                                               1,062,713               992,975
     Accounts payable and accrued expenses                                                 504,732               496,417
     Taxes payable                                                                         717,670               988,291
                                                                                   -------------------   -------------------
                 Total liabilities                                                       4,370,222             3,539,658
                                                                                   -------------------   -------------------
Stockholder's Equity:
     Common stock, par value $10.00 per share. Authorized,
        issued, and outstanding 10 shares                                                      100                   100
     Additional paid-in capital                                                            822,145               822,145
     Retained earnings                                                                  33,479,105            32,265,191
                                                                                   -------------------   -------------------
                 Total stockholder's equity                                             34,301,350            33,087,436
                                                                                   -------------------   -------------------
                 Total liabilities and stockholder's equity                     $       38,671,572            36,627,094
                                                                                   ===================   ===================

</TABLE>

See accompanying notes to unaudited interim financial statements.

                                     - 1 -
<PAGE>

<TABLE>
<CAPTION>
                                              FGIC SECURITIES PURCHASE, INC.
                                    (A Wholly Owned Subsidiary of FGIC Holdings, Inc.)
                                        Statements of Income and Retained Earnings
                                        Three-months ended March 31, 2003 and 2002
                                                        (Unaudited)
                                                                                          2003                  2002
                                                                                   -------------------   -------------------
<S>                                                                             <C>                            <C>
Liquidity fee income                                                            $        2,262,214             2,236,866
General and administrative expenses                                                        254,085               172,989
                                                                                   -------------------   -------------------
                 Income before income taxes                                              2,008,129             2,063,877
                                                                                   -------------------   -------------------
Income tax expense:
     Federal                                                                               653,646               669,129
     State and local                                                                       140,569               144,471
                                                                                   -------------------   -------------------
                 Total income tax expense                                                  794,215               813,600
                                                                                   -------------------   -------------------
                 Net income                                                              1,213,914             1,250,277
Retained earnings beginning of period                                                   32,265,191            27,079,266
                                                                                   -------------------   -------------------
Retained earnings end of period                                                 $       33,479,105            28,329,543
                                                                                   ===================   ===================
</TABLE>

See accompanying notes to unaudited interim financial statements.


                                     - 2 -
<PAGE>


<TABLE>
<CAPTION>
                                              FGIC SECURITIES PURCHASE, INC.
                                    (A Wholly Owned Subsidiary of FGIC Holdings, Inc.)
                                                 Statements of Cash Flows
                                        Three-months ended March 31, 2003 and 2002
                                                        (Unaudited)
                                                                                          2003                  2002
                                                                                   -------------------   -------------------
Operating activities:
<S>                                                                             <C>                            <C>
     Net income                                                                 $        1,213,914             1,250,277
     Adjustments to reconcile net income to net cash
        provided by operating activities:
           Change in taxes payable                                                           (270,621)           190,005
           Change in due from GE Capital                                                   (1,719,120)           (1,184,199)
           Change in due to affiliates                                                   1,102,094               723,594
           Change in liquidity fees receivable                                               (325,358)             (952,279)
           Change in deferred liquidity fee income                                            (78,962)            46,203
           Change in accounts payable and accrued expenses                                   8,315                 3,001
           Change in commitment fees payable to GE Capital                                  69,738                69,989
                                                                                   -------------------   -------------------
                 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 unaudited interim financial statements.

                                     - 3 -
<PAGE>


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

                 Notes to Unaudited Interim Financial Statements

                                 March 31, 2003

                                   (Unaudited)


(1)    BUSINESS

       FGIC Securities Purchase, Inc. (FGIC-SPI) is a wholly owned subsidiary of
       FGIC  Holdings,  Inc.  (the  Parent).  The Parent is wholly owned by GEI,
       Inc.,  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 March 31, 2003, FGIC-SPI had approximately
       $4.5 billion  (par and  interest)  of  potential  obligations  under such
       arrangements.  At March 31, 2003,  the Company had remaining  capacity of
       $0.3  billion.  Presently,  management  of the Company has decided not to
       provide  any  new  liquidity  facilities.  Management  will  continue  to
       reassess this decision in the future.  The current  liquidity  facilities
       shall remain in effect in accordance with their terms.

       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 $4.5 billion at March 31, 2003, 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 ended March 31, 2003 and 2002, (b) the financial position as
       of March 31, 2003 and (c) cash flows for the three months ended March 31,
       2003 and 2002.

       These  unaudited   interim   financial   statements  should  be  read  in
       conjunction  with the financial  statements and related notes included in
       the 2002 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.

                                     - 4 -
<PAGE>

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

                 Notes to Unaudited Interim Financial Statements

                                 March 31, 2003

                                   (Unaudited)




       (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.

       (D)    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 three
              months  ended  March 31, 2003 and 2002  expenses  of $173,031  and
              $100,000,  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.

       (E)    COMMITMENT FEES

              The  commitment  fees are  accrued  on the  outstanding  liquidity
              facilities.

       (F)    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,  2003,  management  does not  anticipate  any  losses
              relative to such arrangements.

       (G)    OTHER COMPREHENSIVE INCOME

              There are no elements of other comprehensive income.

       (H)    NEW ACCOUNTING PRONOUNCEMENTS

              In November 2002, the FASB issued  Interpretation  No. 45 (FIN 45)
              Guarantor's Accounting and Disclosure Requirements for Guarantees,
              Including  Indirect  Guarantees  of  Indebtedness  of Others.  The
              liquidity  facilities  issued  by  FGIC-SPI  are  subject  to  the
              disclosure  requirements  of FIN 45 and  management  believes  the
              accounting  provisions of FIN 45 are  applicable to the facilities
              issued by the Company;  however,  no new facilities were issued in
              2003.

(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.

       Presently,  management  of the Company has decided not to provide any new
       liquidity facilities.  Management will continue to reassess this decision
       in the future. The current liquidity facilities shall remain in effect in
       accordance with their terms.

       For the three months ended March 31, 2003, FGIC-SPI earned liquidity fees
       of $2,262,214 compared to $2,236,866 for the three months ended March 31,
       2002. The earnings on the liquidity facilities is such due to the fact no
       new deals  have been  written  in 2003 and there  have only been  limited
       terminations or maturities.  FGIC-SPI  incurred  $254,085 and $172,989 of
       general and administrative  expenses for the three months ended March 31,
       2003 and 2002,  respectively.  Included  in  general  and  administrative
       expenses were  commitment  fees owed to GE Capital of $69,738 in 2003 and
       $69,989 in 2002.  The level nature of the  commitment  fees is consistent
       with the level nature of  liquidity  fees.  The  remainder of general and
       administrative  expenses is primarily comprised of intercompany  overhead
       expense allocations,  which increased due to increase in underlying costs
       being allocated.  The effective Federal Tax rate during 2003 and 2002 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  ($36.6  million at
       March 31, 2003) and draw upon the standby loan agreement ($4.5 billion at
       March 31, 2003) 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.  Some accounting policies may
       be 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 as management  estimates the risk  associated with the
       liquidity  facilities is distributed  ratably over the life of facilities
       and as such earns the fees evenly over the liquidity facility period.

ITEM 4. CONTROLS AND PROCEDURES

       (a)    Within the 90-day  period prior to the filing of this report,  the
              Company's  management,  including  the  President  and  Treasurer,
              conducted an  evaluation  of the  effectiveness  of the design and
              operation of the Company's  disclosure  controls and procedures as
              defined in Exchange Act Rule 13a-14(c).  Based on that evaluation,
              the  President  and   Treasurer   concluded   that  the  Company's
              disclosure  controls and procedures  were effective as of the date
              of that evaluation.

       (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

              Exhibit99.1 - 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
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 2, 2003                            /s/ Deborah M. Reif
       ----------------                    ------------------------------------
                                                 Deborah Mary Reif
                                                 President (principal
                                                 executive officer)


Date:     May 2, 2003                            /s/ J. Stevenson Barker
       ----------------                     ------------------------------------
                                                 J. Stevenson Barker
                                                 Treasurer and Assistant
                                                 Secretary (principal financial
                                                 and accounting officer)


                                     - 9 -
<PAGE>


                      CERTIFICATION PURSUANT TO SECTION 302
                        OF THE SARBANES-OXLEY ACT OF 2002



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:       May 2, 2003                             /s/ Deborah M. Reif
         -----------------                  ------------------------------------
                                                    Deborah M. Reif
                                                    President (principal
                                                    executive officer)

                                     - 10 -
<PAGE>


                      CERTIFICATION PURSUANT TO SECTION 302
                        OF THE SARBANES-OXLEY ACT OF 2002



CERTIFICATION
-------------


I, J. Stevenson Barker, 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:     May 2, 2003                           /s/ J. Stevenson Barker
       ----------------                   --------------------------------------
                                                J. Stevenson Barker
                                                Treasurer and Assistant
                                                Secretary (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 March 31,  2003,  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:       May 2, 2003                           /s/ Deborah M. Reif
        ------------------                   -----------------------------------
                                                  Deborah M. Reif
                                                  President (principal
                                                  executive officer)



A signed  original of this  written  statement  required by Section 906 has been
provided to the Company and will be retained by the Company and furnished to the
Securities and Exchange Commission or its staff upon request.


                                     - 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 March 31,  2003,  as filed with the
Securities  and  Exchange  Commission  on the date  hereof (the  Report),  I, J.
Stevenson Barker, 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:     May 2, 2003                           /s/ J. Stevenson Barker
       -----------------                 ---------------------------------------
                                                J. Stevenson Barker
                                                Treasurer and Assistant
                                                Secretary (principal financial
                                                and accounting officer)



A signed  original of this  written  statement  required by Section 906 has been
provided to the Company and will be retained by the Company and furnished to the
Securities and Exchange Commission or its staff upon request.


                                     - 12 -
<PAGE>