(Name of Issuer)

Shares of Common Stock, par value $0.001 per share
____________________________________________________

(Title of Class of Securities)

(CUSIP NUMBER)

(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)

- with copies to -

Eliot D. Raffkind
Akin, Gump, Strauss, Hauer & Feld, L.L.P.
1700 Pacific Avenue, Suite 4100
Dallas, Texas 75201-4618
(214) 969-2800

(Date of event which requires filing of this statement)

          If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box  o .

          Schedule 13D (the "Schedule 13D") filed on behalf of Greenlight Capital, L.L.C., a Delaware limited liability company ("Greenlight"), and Mr. David Einhorn and Mr. Jeffrey A. Keswin, the principals of Greenlight, relating to shares of Common Stock of Insignia Financial Group, Inc. (the "Issuer") purchased by Greenlight for the account of (i) Greenlight Capital, L.P. ("Greenlight Fund"), of which Greenlight is the general partner, (ii) Greenlight Capital Offshore, Ltd. ("Greenlight Offshore"), for whom Greenlight acts as investment advisor, and (iii) Greenlight Capital Qualified, L.P. ("Greenlight Qualified"), of which Greenlight is the general partner, is hereby amended as follows.

          The response to Item 3 is hereby amended and replaced by the following:

          As of October 26, 2000, Greenlight had invested (i) $691,728.90 through Greenlight Fund, (ii) $1,100,813.69 through Greenlight Qualified, and (iii) $1,275,848.53 through Greenlight Offshore. The above amounts include any commissions incurred in making the investments. The source of these funds was the working capital of each of Greenlight Fund, Greenlight Offshore and Greenlight Qualified, as the case may be.

Item 5.      Interest in Securities of the Issuer

          The responses to Item 5(a) and (c) are hereby amended and replaced by the following:

          (a) As of October 26, 2000, Greenlight, Mr. Einhorn and Mr. Keswin beneficially own 1,573,400 shares of Common Stock of the Issuer, which represents 7.4% of the Issuer's outstanding shares of Common Stock, which such percentage was calculated by dividing (i) 1,573,400 shares of Common Stock owned by Greenlight Fund, Greenlight Offshore and Greenlight Qualified, by (ii) 21,299,182 shares of Common Stock outstanding as of August 1, 2000 based upon the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on August 14, 2000. The 1,573,400 shares described above are beneficially owned by Greenlight, Mr. Einhorn and Mr. Keswin for the account of Greenlight Fund, Greenlight Offshore or Greenlight Qualified, as the case may be.

          (c) The transactions in the Issuer's securities by Greenlight during the last sixty days are listed as Annex A attached hereto and made a part hereof.

Item 7.       Material to be Filed as Exhibits

Exhibit 1     Joint Filing Agreement dated September 25, 2000 between Greenlight,
                      Mr. Einhorn and Mr. Keswin.

ANNEX A

          After reasonable inquiry and to the best of my knowledge and belief, the undersigned certifies that the information set forth in this statement is true, complete and correct.

Dated:           October 26, 2000