UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549





                                    FORM 10-Q



                                QUARTERLY REPORT


        UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934


                    FOR THE QUARTER ENDED SEPTEMBER 30, 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
                                       ---     ---

          TITLE OF CLASS                SHARES OUTSTANDING AT OCTOBER 31, 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 and Retained Earnings                        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

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

Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002       10


<PAGE>

<TABLE>
<CAPTION>
ITEM 1. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA


                                           FGIC SECURITIES PURCHASE, INC.
                                 (A Wholly Owned Subsidiary of FGIC Holdings, Inc.)
                                                   Balance Sheets
                                      September 30, 2003 and December 31, 2002
                                                                                SEPTEMBER 30,         DECEMBER 31,
                                  ASSETS                                             2003                 2002
                                                                              -------------------  -------------------
                                                                                 (Unaudited)
<S>                                                                         <C>                          <C>
Liquidity fees receivable                                                   $       2,545,031            1,827,918
Due from GE Capital                                                                38,856,839           34,799,176
                                                                              -------------------  -------------------

               Total assets                                                 $      41,401,870           36,627,094
                                                                              ===================  ===================

                   LIABILITIES AND STOCKHOLDER'S EQUITY
Liabilities:
   Deferred liquidity fee income                                            $         787,700              926,202
   Due to affiliates                                                                   50,004              135,773
   Commitment fees payable to GE Capital                                            1,208,163              992,975
   Accounts payable and accrued expenses                                              568,694              496,417
   Taxes payable                                                                    2,019,946              988,291
                                                                              -------------------  -------------------

               Total liabilities                                                    4,634,507            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                                                               35,945,118           32,265,191
                                                                              -------------------  -------------------

               Total stockholder's equity                                          36,767,363           33,087,436
                                                                              -------------------  -------------------

               Total liabilities and stockholder's equity                   $      41,401,870           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 nine months ended September 30, 2003 and 2002
                                                     (Unaudited)

                                               THREE-MONTHS ENDED                         NINE-MONTHS ENDED
                                                  SEPTEMBER 30                              SEPTEMBER 30
                                     ----------------------------------------  ----------------------------------------
                                            2003                2002                  2003                2002
                                     ----------------------------------------  ------------------- --------------------
<S>                                <C>                          <C>                  <C>                  <C>
Liquidity fee income               $        2,306,018           2,782,371            6,930,834            7,029,785
General and administrative
 expenses                                     315,486             277,622              843,279              616,160
                                     ----------------------------------------  ------------------- --------------------
           Income before
            income taxes                    1,990,532           2,504,749            6,087,555            6,413,625
                                     ----------------------------------------  ------------------- --------------------
Income tax expense:
 Federal                                      647,918             815,295            1,981,499            2,087,635
 State and local                              139,337             175,333              426,129              448,954
                                     ----------------------------------------  ------------------- --------------------
           Total income
            tax expense                       787,255             990,628            2,407,628            2,536,589
                                     ----------------------------------------  ------------------- --------------------
           Net income                       1,203,277           1,514,121           3,679,927             3,877,036
Retained earnings
 at beginning of period                    34,741,841          29,442,181          32,265,191            27,079,266
                                     ----------------------------------------  ------------------- --------------------
Retained earnings
 at end of period                  $       35,945,118          30,956,302           35,945,118           30,956,302
                                     ========================================  =================== ====================

</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
                                    Nine months ended September 30, 2003 and 2002
                                                     (Unaudited)

                                                                                          NINE-MONTHS ENDED
                                                                                           SEPTEMBER 30,
                                                                               ---------------------------------------
                                                                                     2003                 2002
                                                                               ------------------   ------------------
                                                                                  (Unaudited)          (Unaudited)
<S>                                                                         <C>                          <C>
Operating activities:
     Net income                                                             $       3,679,927            3,877,036
   Adjustments to reconcile net income to net cash
     provided by operating activities:
     Change in taxes payable                                                        1,031,655              475,837
     Change in due from GE Capital                                                 (4,057,663)          (7,343,225)
     Change in due to affiliates                                                      (85,769)           2,445,906
     Change in other assets                                                               --                84,337
     Change in liquidity fees receivable                                             (717,113)              88,034
     Change in deferred liquidity fee income                                         (138,502)              91,451
     Change in accounts payable and accrued expenses                                   72,277               61,679
     Change in commitment fees payable to GE Capital                                  215,188              218,945
                                                                               ------------------   ------------------
          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

                               September 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 agreement.  As of September 30, 2003, FGIC-SPI had approximately
       $4.5 billion  (par and  interest)  of  potential  obligations  under such
       arrangements. At September 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  agreements.  Management will
       continue to  reassess  this  decision  in the in the future.  The current
       standby security purchase  agreement 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 September 30, 2003,
       under which GE Capital  will be  irrevocably  obligated  to lend funds as
       heeded 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
       nine months ended September 30, 2003 and 2002, (b) the financial position
       as of  September  30,  and (c)  cash  flows  for the  nine  months  ended
       September 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 installment 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
              payable 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 nine
              months ended  September 30, 2003 and 2002 expenses of $556,815 and
              $385,155,  respectively, were allocated to FGIC-SPI. For the three
              months ended September 30, 2003 and 2002, expenses of $184,114 and
              $185,155,  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 September 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.

(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
         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 nine months ended September 30, 2003, FGIC-SPI earned liquidity
         fees of  $6,910,127  compared to  $7,029,785  for the nine months ended
         September  30, 2002.  The decrease in earnings is primarily  due to the
         fact that the  business  is in a run-off  mode and  existing  deals are
         maturing.  FGIC-SPI  incurred  $843,279  and  $616,160  of general  and
         administrative  expenses for the nine months ended  September  30, 2003
         and 2002, respectively. Included in general and administrative expenses
         were  commitment  fees  owed to GE  Capital  of  $215,187  in 2003  and
         $218,944 in 2002. The decrease in commitment fees  corresponds with the
         decrease 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 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  September  30,  2003,  FGIC-SPI  earned
         liquidity  fees of  $2,285,311  compared  to  $2,782,371  for the three
         months ended  September 30, 2002. The decrease in earnings is primarily
         due to the fact that the  business  is in a run-off  mode and  existing
         deals are maturing.  FGIC-SPI incurred $315,486 and $277,622 of general
         and  administrative  expenses for the three months ended  September 30,
         2003 and 2002,  respectively.  Included in general  and  administrative
         expenses were commitment fees owed to GE Capital of $74,814 in 2003 and
         $87,937 in 2002. The decrease in commitment fees  corresponds  with the
         decrease 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 out  flow)  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 ($38.8 million at September 30, 2003) and draw upon the standby
         loan  agreement  ($4.5  billion at September 30, 2003) in the amount of
         the purchase price of tendered bonds.

         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

                                     - 6 -
<PAGE>

         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 of  September  30,  2003,  under  direction  of our Chief  Executive
         Officer and Chief Financial Officer,  we evaluated the effectiveness of
         our  disclosure  controls and  procedures  and internal  controls  over
         financial  reporting and concluded that (i) our disclosure controls and
         procedures were effective as of September 30, 2003, and (ii) no changes
         occurred  during  the  quarter  ended  September  30,  2003,  that have
         materially  affected,  or are reasonably  likely to materially  affect,
         such internal controls.


                                     - 7 -
<PAGE>

                           PART II - OTHER INFORMATION

Item 1.        LEGAL PROCEEDINGS

               Omitted

Item 2.        CHANGES IN SECURITIES

               Omitted

Item 3.        DEFAULTS ON SENIOR SECURITIES

               Omitted

Item 4.        SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

               Omitted

Item 5.        OTHER INFORMATION

               Omitted

Item 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)   Reports 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: October 31, 2003                           /s/ A. Edward Turi, III
                                                --------------------------
                                                 A. Edward Turi, III
                                                 Acting President
                                                 (principal executive
                                                 officer)


Date: October 31, 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, A. Edward Turi, III, certified 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)    designated 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 other  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 and change in the registrant's
              internal control over financial reporting that occurred during the
              registrant's  most  recent  fiscal  quarter  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: October 31, 2003                            /s/ A. Edward Turi, III
                                                  -----------------------

                                                  A. Edward Turi, III
                                                  Acting 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, certified 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)    designated 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 other  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 and change in the registrant's
              internal control over financial reporting that occurred during the
              registrant's  most recent fiscal quarter 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: October 31, 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
Registrant) on Form 10-Q for the period ending September 30, 2003, as filed with
the Securities and Exchange  Commission on the date hereof (the Report),  we, A.
Edward  Turi,  III and  Donna J.  Blank,  Chief  Executive  Officer,  and  Chief
Financial Officer, respectively, of the Registrant, 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)    the 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 the Report fairly presents, in all material
       respects,  the  financial  condition  and  results of  operations  of the
       registrant.






Date: October 31, 2003                            /s/ A. Edward Turi, III
                                                  -----------------------

                                                  A. Edward Turi, III
                                                  Acting President
                                                  (principal executive officer)



Date: October 31, 2003                            /s/ Donna J. Blank
                                                  ------------------

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

                                     - 12 -
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