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 JUNE 30, 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 August 1, 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
                                           June 30, 2003 and December 31, 2002
                                                                                      JUNE 30             DECEMBER 31,
                                   Assets                                               2003                  2002
                                                                                 -------------------   -------------------
                                                                                    (Unaudited)
<S>                                                                           <C>                            <C>
Liquidity fees receivable                                                     $        2,389,799             1,827,918
Due from GE Capital                                                                   37,357,812            34,799,176
                                                                                 -------------------   -------------------
                 Total assets                                                 $       39,747,611            36,627,094
                                                                                 ===================   ===================
                    LIABILITIES AND STOCKHOLDER'S EQUITY
Liabilities:
     Deferred liquidity fee income                                            $          798,543               926,202
     Due to affiliates                                                                   993,885               135,773
     Commitment fees payable to GE Capital                                             1,133,349               992,975
     Accounts payable and accrued expenses                                               508,135               496,417
     Taxes payable                                                                       749,613               988,291
                                                                                 -------------------   -------------------
                 Total liabilities                                                     4,183,525             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                                                                34,741,841            32,265,191
                                                                                 -------------------   -------------------
                 Total stockholder's equity                                           35,564,086            33,087,436
                                                                                 -------------------   -------------------
                 Total liabilities and stockholder's equity                   $       39,747,611            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 and six-months ended June 30, 2003 and 2002
                                                       (Unaudited)

                                                        FOR THE THREE MONTHS                   FOR THE SIX MONTHS
                                                           ENDED JUNE 30,                        ENDED JUNE 30,
                                                -------------------------------------  ------------------------------------
                                                       2003               2002               2003               2002
                                                -------------------------------------  -----------------  -----------------
<S>                                          <C>                        <C>                <C>                <C>
Liquidity fee income                         $      2,362,602           2,010,548          4,624,816          4,247,414
General and administrative expenses                   273,708             165,549            527,793            338,538
                                                -----------------   -----------------  -----------------  -----------------
                 Income before
                    income taxes                    2,088,894           1,844,999          4,097,023          3,908,876
                                                -----------------   -----------------  -----------------  -----------------
Income tax expense:
     Federal                                          679,935             603,210          1,333,581          1,272,339
     State and local                                  146,223             129,150            286,792            273,621
                                                -----------------   -----------------  -----------------  -----------------
                 Total income tax expense             826,158             732,360          1,620,373          1,545,960
                                                -----------------   -----------------  -----------------  -----------------
                 Net income                  $      1,262,736           1,112,639          2,476,650          2,362,916
                                                =================   =================  =================  =================

</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
                                         Six-months ended June 30, 2003 and 2002
                                                       (Unaudited)

                                                                                        2003                  2002
                                                                                 -------------------   -------------------
<S>                                                                           <C>                            <C>
Operating activities:
     Net income                                                               $        2,476,650             2,362,916
     Adjustments to reconcile net income to net cash
        provided by operating activities:
           Change in taxes payable                                                      (238,678)              935,592
           Change in due from GE Capital                                              (2,558,636)           (3,887,297)
           Change in due to affiliates                                                   858,112               810,369
           Changes in other assets                                                           --                 62,337
           Change in liquidity fees receivable                                          (561,881)             (469,372)
           Change in deferred liquidity fee income                                      (127,659)               38,919
           Change in accounts payable and accrued expenses                                11,718                15,529
           Change in commitment fees payable to GE Capital                               140,374               131,007
                                                                                 -------------------   -------------------
                 Cash provided by operating activities                                       --                    --
                                                                                 -------------------   -------------------
                 Net change in cash and cash equivalents                                     --                    --
Cash and cash equivalents at beginning of period                                                                   --
                                                                                 -------------------   -------------------
Cash and cash equivalents at end of period                                    $              --                    --
                                                                                 ===================   ===================

</TABLE>
See accompanying notes to unaudited interim financial statements.





                                     - 3 -
<PAGE>


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

                 Notes to Unaudited Interim Financial Statements

                                  June 30, 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
       purchase documents.  As of June 30, 2003, FGIC-SPI had approximately $4.6
       billion  (par  and   interest)  of  potential   obligations   under  such
       arrangements.  At June 30, 2003,  the Company had  remaining  capacity of
       $0.3  billion.  Presently,  management  of the Company has decided not to
       provide any new standby  security  purchase  agreement.  Management  will
       continue to reassess  this  decision in the future.  The current  standby
       security  purchase  agreements  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 $4.6 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 and six months  ended  June 30,  2003 and 2002,  (b) the  financial
       position as of June 30, 2003 and (c) cash flows for the six months  ended
       June 30, 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 commitment,
              usually five years, and installments fees are earned straight-line
              over the installment period.


                                     - 4 -
<PAGE>


       (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,  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
              FGIC-SPI  on a specific  identification  basis.  Employee  related
              expenses are  allocated  by  affiliates  to FGIC-SPI.  For the six
              months  ended June 30, 2003 and 2002,  expenses  of  $372,701  and
              $200,000,  respectively, were allocated to FGIC-SPI. For the three
              months  ended June 30, 2003 and 2002,  expenses  of  $199,670  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 June 30,  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
              standby  security  purchase  agreements  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
              agreements issued by the Company;  however, no new agreements 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 commitment, and installment
       fees are earned straight-line over the installment period.

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

       For the six months ended June 30, 2003, FGIC-SPI earned liquidity fees of
       $4,624,816 compared to $4,247,414 for the six months ended June 30, 2002.
       The  increase in earnings is primarily  due to new deals  written in 2002
       being fully in effect in 2003. FGIC-SPI incurred $527,793 and $338,538 of
       general and  administrative  expenses  for the six months  ended June 30,
       2003 and 2002,  respectively.  Included  in  general  and  administrative
       expenses were  commitment fees owed to GE Capital of $140,373 in 2003 and
       $131,007 in 2002. The increase in commitment  fees is consistent with the
       increase in 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%.

       For the three months ended June 30, 2003,  FGIC-SPI earned liquidity fees
       of $2,362,602  compared to $2,010,548 for the three months ended June 30,
       2002.  The increase in earnings is primarily  due to new deals written in
       2002  being  fully in  effect in 2003.  FGIC-SPI  incurred  $273,708  and
       $165,549  of general and  administrative  expenses  for the three  months
       ended June 30,  2003 and 2002,  respectively.  Included  in  general  and
       administrative  expenses  were  commitment  fees  owed to GE  Capital  of
       $70,635 in 2003 and $61,018 in 2002.  The increase in commitment  fees is
       consistent  with increase in liquidity fees. The remainder of general and
       administrative  expenses is primarily comprised of intercompany  overhead
       expense  allocations,  which  increased due to the increase in underlying
       costs being  allocated.  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  ($37.3  million at
       June 30, 2003) and draw upon the standby loan agreement  ($4.6 billion at
       June 30, 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

       As required by Rule 13a-15(b),  the Company's  management,  including the
       Chief  Executive  Officer  and  Chief  Financial  Officer,  conducted  an
       evaluation  as of the end of the period  covered by this  report,  of the
       effectiveness  of the  Company's  disclosure  controls and  procedures as
       defined in Exchange Act Rule  13a-15(e).  Based on that  evaluation,  the
       Chief Executive  Officer and Chief Financial  Officer  concluded that the
       Company's disclosure controls and procedures were effective as of the end
       of the period covered by this report. As required by Rule 13a-15(d),  The
       Company's  management,  including the Chief  Executive  Officer and Chief
       Financial Officer, also conducted an evaluation of the Company's internal
       control  over  financial  reporting  to  determine  whether  any  changes
       occurred  during the quarter  covered by this report that have materially
       affected,  or are reasonably likely to materially  affect,  the Company's
       internal  control over  financial  reporting.  Based on that  evaluation,
       there has been no such change during the quarter covered by this report.


                                     - 7 -
<PAGE>


                                OTHER INFORMATION



1.     LEGAL PROCEEDINGS

       Omitted

2.     CHANGES IN SECURITIES

       Omitted

3.     DEFAULTS ON SENIOR SECURITIES

       Omitted

4.     SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

       Omitted

5.     OTHER INFORMATION

       Omitted

6.     EXHIBITS AND REPORTS ON FORM 8-K

       a)     Exhibits

              Exhibit  31.1  -  Certification  Pursuant  to  Section  302 of the
              Sarbanes - Oxley Act of 2002

              Exhibit  31.2  -  Certification  Pursuant  to  Section  302 of the
              Sarbanes - Oxley Act of 2002

              Exhibit 32 - 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:   August 1, 2003                              /s/  Deborah M. Reif
                                                    --------------------

                                                    Deborah M.Reif
                                                    President (principal
                                                    executive officer)


Date:   August 1, 2003                              /s/  Donna J. Blank
                                                    -------------------

                                                    Donna J. Blank
                                                    Chief Financial Officer
                                                    (principal financial
                                                    and accounting officer)


                                     - 9 -
<PAGE>


                                                                    EXHIBIT 31.1

                      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  officer and I are  responsible  for
       establishing  and  maintaining  disclosure  controls and  procedures  (as
       defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant
       and we have:

       (a)    designed such disclosure  controls and procedures,  or caused such
              disclosure  controls  and  procedures  to be  designed  under  our
              supervision,  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   and  presented  in  this  report  our
              conclusions about the effectiveness of the disclosure controls and
              procedures,  as of the end of the period covered by this quarterly
              report based on such evaluation (the "Evaluation Date"); and

       (c)    disclosed in this quarterly  report any change in the registrant's
              internal control over financial reporting that occurred during the
              registrant's most recent fiscal quarter (the  registrant's  fourth
              quarter  in the case of an  annual  report)  that  has  materially
              affected,  or is  reasonably  likely  to  materially  affect,  the
              registrant's internal control over financial reporting; and

(5)    The registrant's other certifying officer and I have disclosed,  based on
       our most recent evaluation of internal controls over financial reporting,
       to the registrant's  auditors and the audit committee of the registrant's
       board of directors (or persons performing the equivalent functions);

       (a)    All significant deficiencies and material weaknesses in the design
              or operation of internal  control over financial  reporting  which
              are reasonably likely to adversely affect the registrant's ability
              to record,  process,  summarize and report financial  information;
              and

       (b)    Any fraud,  whether or not material,  that involves  management or
              other  employees who have a significant  role in the  registrant's
              internal control over financial reporting.

Date:   August 1, 2003                                    /s/ Deborah M. Reif
                                                          ---------------------

                                                          Deborah M. Reif
                                                          President (principal
                                                          executive officer)


                                     - 10 -
<PAGE>

                                                                    EXHIBIT 31.2

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



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

I, Donna J. Blank, 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  officer and I are  responsible  for
       establishing  and  maintaining  disclosure  controls and  procedures  (as
       defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant
       and we have:

       (a)    designed such disclosure  controls and procedures,  or caused such
              disclosure  controls  and  procedures  to be  designed  under  our
              supervision,  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   and  presented  in  this  report  our
              conclusions about the effectiveness of the disclosure controls and
              procedures,  as of the end or the period covered by this quarterly
              report based on such evaluation (the "Evaluation Date"); and

       (c)    disclosed in this quarterly  report any change in the registrant's
              internal control over financial reporting that occurred during the
              registrant's most recent fiscal quarter (the  registrant's  fourth
              quarter  in the case of an  annual  report)  that  has  materially
              affected,  or is  reasonably  likely  to  materially  affect,  the
              registrant's internal control over financial reporting; and

(5)    The registrant's other certifying officer and I have disclosed,  based on
       our most recent evaluation of internal controls over financial reporting,
       to the registrant's  auditors and the audit committee of the registrant's
       board of directors (or persons performing the equivalent functions);

       (a)    All significant deficiencies and material weaknesses in the design
              or operation of internal  control over financial  reporting  which
              are reasonably likely to adversely affect the registrant's ability
              to record,  process,  summarize and report financial  information;
              and

       (b)    Any fraud,  whether or not material,  that involves  management or
              other  employees who have a significant  role in the  registrant's
              internal control over financial reporting.


Date:   August 1, 2003                                   /s/ Donna J. Blank
                                                         --------------------

                                                         Donna J. Blank
                                                         Chief Financial Officer
                                                         (principal financial
                                                         and accounting officer)

                                     - 11 -
<PAGE>


                                                                      EXHIBIT 32

                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 June 30,  2003,  as filed with the
Securities and Exchange Commission on the date hereof (the Report),  we, Deborah
M. Reif and Donna J. Blank, Chief Executive Officer, and 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:   August 1, 2003                                / s / Deborah M. Reif
                                                      ---------------------
                                                      Deborah M. Reif
                                                      President (principal
                                                      executive officer)


Date:   August 1, 2003                                / s / Donna J. Blank
                                                      --------------------
                                                      Donna J. Blank
                                                      Chief Financial Officer
                                                      (principal financial
                                                      and accounting officer)



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