SECURITIES AND EXCHANGE COMMISSION

                           Washington, D.C.  20549



                                   FORM 8-K


                                CURRENT REPORT



                      Pursuant to Section 13 or 15(d) of
                     the Securities Exchange Act of 1934



Date of Report (Date of earliest event reported): October 18, 1996
                                                  ----------------


                        FGIC SECURITIES PURCHASE, INC.       
                --------------------------------------------
            (Exact name of Registrant as specified in its charter)



   Delaware                     0-19564              13-3633082        
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(State or other                 (Commission         (I.R.S. Employer
jurisdiction of                 File Number)       Identification No.)
incorporation)


             115 Broadway, New York, New York  10006          
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          (Address of principal executive officers)    (Zip Code)



Registrant's telephone number, including area code: (212) 312-3000
                                                    --------------


Item 5.   Other Events 
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     An exhibit is filed herewith in connection with the Registration
Statement on Form S-3 (File No. 33-84062) filed by FGIC Securities Purchase,
Inc. ("FGIC-SPI") with the Securities and Exchange Commission covering
Liquidity Facility Obligations in the principal amount of $1,000,000,000 plus
interest.  

     The exhibit consists of the consents of KPMG Peat Marwick LLP relating
to (i)  the incorporation by reference of their report dated February 9, 1996
relating to the financial statements and schedules of General Electric
Capital Corporation ("GE Capital") and consolidated affiliates as of December
31, 1995 and 1994 and for each of the years in the three-year period ended
December 31, 1994, appearing in GE Capital's Annual Report on Form 10-K for
the year ended December 31, 1995; and (ii) the reference to them under
Experts in the Preliminary Prospectus Supplement dated October 17, 1996
relating to the Liquidity Facility of FGIC Securities Purchase, Inc. in
support of an undetermined principal amount of City of Tampa, Florida
Occupational License Tax Bonds, Series 1996A.


Item 7.   Financial Statements, Pro Forma Financial Information and Exhibits
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                                   EXHIBITS

          Item 601 of
          Regulation S-K 
          Exhibit Reference
          Number
          ------

          (23)           Consents of experts and counsel:

                         (f)  Consent of KPMG Peat Marwick LLP
                                                                    

                                  SIGNATURE



     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, thereto duly authorized.

                                   FGIC SECURITIES PURCHASE, INC.
                                   ------------------------------
                                             (Registrant)



                                   By: /s/ Caroline Gardner
                                      -------------------------
                                   Name:  Carolanne Gardner
                                   Title: Assistant Secretary


Dated: October 21, 1996




                      SECURITIES AND EXCHANGE COMMISSION
                           WASHINGTON, D.C.  20549









                        FGIC SECURITIES PURCHASE, INC.








                        EXHIBITS TO CURRENT REPORT ON 
                       FORM 8-K DATED October 18, 1996










                                               Commission File Number 0-19564


                                EXHIBIT INDEX



Exhibit No.    Description                                  Page
- -----------    -----------                                  ----

(23)           Consents of experts and counsel:

                    (f)  Consent of KPMG Peat Marwick LLP