U. S. SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D. C. 20549

                                  FORM 10-QSB

[X]  QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
     OF  1934

     For  the  quarterly  period  ended  March  31,  1997

[  ]TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT

     For  the  transition  period  from  _______________  to  _______________

                          Commission File No. 0-12240

                         NOTE BANKERS OF AMERICA, INC.
                (Name of Small Business Issuer in its Charter)

                 TEXAS                             84-0882076
     (State or Other Jurisdiction of        (I.R.S. Employer I.D. No.)
     incorporation or organization)

                        770 S. Post Oak Lane Suite 690
                             Houston, Texas 77056
                   (Address of Principal Executive Offices)

                   Issuer's Telephone Number: (713) 840-0230

Indicate  by  check  mark  whether  the  Registrant  (1) has filed all reports
required to be filed by Sections 13 or 15(d) of the Securities Exchange Act of
1934  during  the  preceding  12  months  (or for such shorter period that the
Registrant  was  required  to  file  such  reports),  and (2) has been subject
to  such  filing  requirements  for  the  past  90  days.

   (1)  Yes     /X/          No  /  /           (2)     Yes /X/     No     / /

               APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
                  PROCEEDINGS DURING THE PRECEDING FIVE YEARS

          Check  whether  the  registrant  filed  all  documents  and  reports
required  to be filed by Section 12, 13 or 15(d) of the Exchange Act after the
distribution  of  securities  under  a  plan  confirmed  by  court.

          Yes  /  /  No  /  /  

                     APPLICABLE ONLY TO CORPORATE ISSUERS

Indicate  the number of shares outstanding of each of the Registrant's classes
of  common  stock,  as  of  the  latest  practicable  date:

                                  May 31,1997

                       Common Voting Stock - 22,530,000

<PAGE>
                        PART I - FINANCIAL INFORMATION

Item  1.Financial  Statements.
<TABLE>
<CAPTION>

                         NOTE BANKERS OF AMERICA, INC.
                          Consolidated Balance Sheets
                                 March 31,1997

                                       ASSETS

<S>                                                       <C>
CASH                                                      $   12,775 

LOANS HELD FOR RESALE                                        750,895 

FURNITURE, FIXTURES  AND EQUIPMENT, at cost, less
           accumulated depreciation of $12,019                 8,757 

REAL ESTATE OWNED                                            167,194 

ACCRUED INCOME AND OTHER  ASSETS                              23,192 

GOODWILL                                                      63,771 
                                                          -----------

                                                          $1,026,584 

  LIABILITIES AND STOCKHOLDERS' DEFICIT

BANK LINE OF CREDIT                                       $   80,516 

ESCROW DEPOSITS                                               36,897 

ACCOUNTS PAYABLE AND ACCRUED EXPENSES                        203,238 

NOTES PAYABLE                                              1,153,186 

STOCKHOLDERS' DEFICIT
          Preferred Stock, No Par Value; 150,000,000
                    shares authorized; none issued
          Common Stock, $.001 par value; 500,000,000
                    shares authorized, 22,430,000 shares
                    issued and outstanding                    22,430 
          Paid In Capital                                     73,231 
          Accumulated Deficit                               (542,914)
  Total Stockholders' Deficit                               (447,253)

                                                          $1,026,584 
</TABLE>

<PAGE>

<TABLE>
<CAPTION>

                          NOTE  BANKERS  OF  AMERICA,  INC.
                        Consolidated  Statements  of  Operations


                                                   3 Months        9 Months
                                                     Ended          Ended
                                                    3/31/97        3/31/97
<S>                                              <C>           <C>
REVENUE:
          Brokerage Income                       $    50,776   $   293,131 
          Gain on Loan Sales                           6,979        29,674 
          Interest on Loans                           33,210       109,118 
          Loan Servicing Fees                          1,777         5,593 
  Total Revenue                                       92,742       437,516 

OPERATING EXPENSES
          Brokerage Commissions                       10,905       104,747 
          Interest Expense                            39,804       121,512 
          Salaries and Benefits                       86,901       288,582 
          Occupancy                                    6,845        20,540 
          Legal and Accounting Expense                 7,658        70,028 
          Amortization and Depreciation                  831         2,583 
          Other                                       30,815        88,941 
  Total Operating Expenses                           183,760       696,934 

LOSS FROM OPERATIONS                                 (91,018)     (259,418)

OTHER INCOME
          Gain on Sale of Real Estate                      0        12,895 
          Other Income                                 9,603        20,821 
  Total Other Income                                   9,603        33,716 

NET LOSS                                             (81,415)     (225,702)

Net Losses of Subsidiaries Prior to Acquisition                     20,031 

CONSOLIDATED NET LOSS                            $   (81,415)  $  (205,671)


LOSS PER SHARE AMOUNTS                           $  (0.00363)  $  (0.01269)

WEIGHTED AVERAGE SHARES OUTSTANDING               22,430,000    16,213,667 
</TABLE>

<PAGE>

<TABLE>
<CAPTION>

                                                             NOTE  BANKERS  OF  AMERICA,  INC.
                                           Consolidated  Statement  of  Change  in  Stockholders'  Equity
                                           For  the  Three  Months  Ended  9-30-96,  12-31-96  and  3-31-97


                                               Common  Stock         Paid In     Retained    Stockholders'
                                            Shares       Amount      Capital     Earnings        Equity
<S>                                       <C>          <C>          <C>         <C>          <C>
Balances June 30, 1996                       227,000          227   4,472,279   (4,495,506)        (23,000)
  Net Loss - 3 months ended 9/30/96                                                (90,317)        (90,317)
  Issue Common Stock                      22,203,000       22,203      27,797                       50,000 
  Pooling of Interest :
       Combination
            (a reverse acquisition)                                (4,500,076)   4,495,506          (4,570)
      Private Mortgage Bankers, Inc.
             Retained Earnings (Deficit)
             June 30, 1996                                                        (274,813)       (274,813)
       Par value of stock issued
          in excess of book value
          of the combined company            (62,430)     (62,430)
Balances September 30, 1996               22,430,000       22,430           0     (427,560)       (405,130)
  Net Loss - 3 months ended 12/31/96                                               (43,939)        (43,939)
  Debt cancelled in exchange
         for common stock                                              58,231                       58,231 
  Sale of Common Stock                                                 15,000                       15,000 
Balances December 31, 1996                22,430,000       22,430      73,231     (471,499)       (375,838)
  Net Loss - 3 months ended 3/31/97                                                (81,415)        (81,415)
  Correct expenses reported for
        quarter ended 12/31/96                                              -       10,000          10,000 
Balances March 31, 1997                   22,430,000       22,430      73,231     (542,914)       (447,253)
</TABLE>

<PAGE>

<TABLE>
<CAPTION>

                                                NOTE  BANKERS  OF  AMERICA,  INC.
                                               Consolidated  Statements  of  Cash  Flow


                                                                             3 Months    9 Months
                                                                                Ended      Ended
                                                                              3/31/97     3/31/97
<S>                                                                          <C>         <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net Income (Loss)                                                          $ (81,415)  $(235,704)
  Adjustments to reconcile net loss to
       net cash provided by operating activities:
       Depreciation and Amortization                                               831       2,584 
       Expenses paid by a shareholder on behalf of the company
            and accounted for as contributed capital                                         4,801 
       Amortization of unearned
            discounts and fees                                                  (3,762)    (13,901)
       Changes in operating assets and liabilities:
            Decrease (increase) in accrued
                 income and other assets                                        (1,606)       (575)
            (Decrease) increase in accounts payable and accrued expenses        34,410      46,042 
                 Less accrued expenses paid by a shareholder on behalf of
                      the company and accounted for as contributed capital                  15,199 
       Gain on sale of loans                                                    (6,979)    (29,674)
       Gain on sale of real estate                                                         (13,355)
            Net cash used in operating
                activities                                                     (58,521)   (224,583)
CASH FLOWS FROM INVESTING  ACTIVITIES:
  Purchase of Loans                                                            (82,674)   (216,895)
  Proceeds from sale of loans                                                  231,130     475,191 
  Payments received on loans                                                    64,775     119,991 
  Purchase of real estate and improvements                                     (18,473)    (43,092)
  Proceeds from sale of real estate                                                  -      65,405 
            Net cash provided by (used in)
                 investing activities                                          194,758     400,600 
CASH FLOWS FROM FINANCING ACTIVITIES:
  Increase (decrease) in escrow
       deposits                                                                (21,989)        995 
  Payments on bank line of credit                                             (146,917)   (165,417)
  Proceeds from notes payable                                                  205,674     341,313 
  Payments on notes payable                                                   (193,140)   (407,934)
  Proceeds from sale of stock                                                               45,000 
            Net cash provided by (used in)
                    financing activities                                      (156,372)   (186,043)

(DECREASE) INCREASE IN CASH                                                    (20,135)    (10,026)

CASH - beginning of period                                                      32,910      22,801 

CASH - end of period                                                         $  12,775   $  12,775 

SUPPLEMENTAL CASH FLOWS
  INFORMATION:
  Escrow deposits transferred to
       Mortgage Payments                                                     $           $  10,442 

  Notes given for purchase of
       Private Mortgage Bankers Inc. Stock                                   $           $  60,000 

  Note given for purchase of
       Life Today Financial Services, Inc. Stock                             $           $  25,000 

  Note given for purchase of
       Life Today, Inc. Stock                                                $           $  25,000 

  Notes payable exchanged for
       Note Bankers of America stock                                         $           $  50,000 

  Accounts payable exchanged for
       Note Bankers of America stock                                         $           $   8,231 

</TABLE>

<PAGE>

                         NOTE BANKERS OF AMERICA, INC.
                  Notes to Consolidated Financial Statements

          Organization:
          -------------
     (1)General Genetics Corporation was formed in 1982, but business activity
had  been  substantially discontinued since 1986.  In  July of 1996 Life Today
Inc.,  purchased  Life  Today  Financial  Services, Inc., and later that month
Private  Mortgage  Bankers,  Inc.,  purchased  Life  Today,  Inc.

     On  August  30,  1996, 100% of the outstanding shares of Private Mortgage
Bankers  Inc.,  were  acquired by General Genetics Corporation in exchange for
20,313,000  shares  of  common  stock  of  General  Genetics  Corporation in a
transaction  accounted  for  as  a reverse acquisition. Upon completion of the
acquisition,  the  stockholders  of  the  Company  became  the  controlling
stockholders  of  General  Genetics  Corporation.

     September  25,  1996,  General  Genetics Corporation was merged into NOTE
BANKERS  OF  AMERICA,  INC.

     (2)  Business  Activities:
          --------------------
     The  Company  purchases  privately-held,  owner  financed  mortgages from
individuals  who  have  personally  financed  the  sale  of real property. The
Company  either  holds  the  loans  for  investment  purposes or sells them to
individual  investors, banks or other institutions. The Company is also in the
business  of  brokering  owner-financed  mortgages.

     Another  principal  business  activity  of  the Company is to broker life
insurance  policies  of  terminally  ill  individuals  to  other  investors or
institutions.    The  life insurance policyholder receives a percentage of the
face  amount  of  the  policy,  determined  by  certain factors, including the
insured's  life expectancy.  The Company receives a commission to provide this
brokerage  service.

     (3)  Consolidation  Accounting  Policies:
          ------------------------------------
     The  financial  statements    reflect  the    acquisitions  of Life Today
Financial  Services,  Inc.,  by  Life Today, Inc., and the acquisition of Life
Today  by  Private  Mortgage Bankers, Inc., as purchases resulting in Goodwill
(excess  of  purchase  price  over  net worth) of $63,771.  The acquisition of
Private  Mortgage  Bankers,  Inc.,  by  the Registrant represents and has been
accounted  for  as  a  pooling  of  interest and a reverse acquisition whereby
Private  Mortgage  Bankers, Inc., was the acquiror and for financial statement
purposes, the historical financial statements, of the Registrant will be those
of  Private  Mortgage Bankers, Inc. Therefore, the registrants Paid in Capital
of $4,472,279 has been offset against the registrants deficit of $4,495,506 as
of  June 30, 1996, and the acquiror's net deficit has been charged $67,000 for
the  par  value of stock issued to accomplish the acquisition in excess of the
book  value  of  the  combiner  company.    All  intercompany transactions are
eliminated  in  consolidation.

     (4)  Furniture,  Fixtures  and  Equipment:
          -------------------------------------
     Furniture,  fixtures  and  equipment  is  stated at cost less accumulated
depreciation.  Depreciation  of  furniture, fixtures and equipment is computed
using  the  straight-line  method over estimated useful lives of the assets of
five  years.

     (5)  Loans  Held  for  Resale:
          ------------------------
     Loans  to  be  held  for  an  indefinite period of time are classified as
available  for  sale  and are carried at the lower of cost or market.  Cost is
computed  as  the  principal amount outstanding, net of unearned discounts and
deferred loan fees and expenses. Unearned discounts on loans are recognized as
income  over  the  term of the loans on a level-yield method.  These loans are
sold in response to changes in market interest rates, liquidity needs or other
similar  factors.

     The  allowance  of  credit  losses is established through a provision for
credit losses charged to operating expense. The allowance represents an amount
which, in management's judgement will be adequate to absorb possible losses on
existing  credits  which  may  become uncollectible. Management's judgement in
determining  the  adequacy  of  the  allowance  is based on evaluations of the
collectibility  of  loans.  These  evaluations  take  into  consideration such
factors  as  changes  in  the nature and volume of the loan portfolio, current
economic conditions, overall portfolio quality and review of specific credits.

     The  Company began accounting for impaired loans in 1995 as prescribed in
Statement  of  Financial Accounting Standards No.118, "Accounting by Creditors
for  Impairment  of  a Loan" (SFAS No.118). Impaired loans are measured on the
present value of expected future cash flows discounted at the loan's effective
interest  rate  or,  as a practical expedient, at the loan's observable market
price or the fair value of the collateral if the loan is collateral dependent.
The  adoption  of  SFAS  No.118  had  no  material  impact  upon the financial
statement  of  the  Company.

     (6)  Loan  Origination  Costs:
          ------------------------
     Loan  origination  costs are deferred and amortized over the lives of the
related  loans  as  an  adjustment  of  yield.

     (7)  Real  Estate  Owned:
          --------------------
     Real  estate  owned  represents  property  purchased  for  investment  or
acquired  through  foreclosure.   Real estate owned is carried at the lower of
cost or fair value. Reductions in the balance of real estate owned at the time
of  foreclosure are charged to the allowance for credit losses. Any subsequent
writedowns  to  reflect  current  fair value are charged to operating expense.

     (8)  Income  Taxes:
          --------------
     The  Company  recognizes  income  taxes  in  accordance with Statement of
Financial  Accounting  Standards  No.109,  "Accounting for Income Taxes" (SFAS
No.109).  Under  this  method,  deferred  income  taxes are recognized for the
future  tax  consequences  attributable  to  differences between the financial
statement  carrying  amounts  of  existing  assets  and  liabilities and their
respective  tax  basis.

     Under  SFAS  No.109,  deferred  tax  assets are recognized for deductible
temporary  differences  and  operating  loss and tax credit carryforwards, and
then a valuation allowance is established to reduce that deferred tax asset if
it  is  "more  likely  than  not"  that  the  related tax benefits will not be
realized.

     (9)  Brokerage  Income:
          ------------------
     Revenue  is  recognized  when  a life insurance policy is sold to another
investor  life insurance company and both parties are funded.  Under insurance
regulations,  the insured has 15 calendar days, after receipt of the proceeds,
to  rescind  the  sale of the life insurance policy. If the sale is rescinded,
the  sales proceeds and the commission is returned to the purchasing insurance
company.    The Company accounts for any rescissions during the month the life
insurance  policy  was  originally sold.  Since inception, the Company has not
had  a  policy  sale  rescinded.

     (10)  Commitments  and  Contingencies:
           -------------------------------
     The  company  executed  a  "Loan  Acquisition,  Servicing  and Repurchase
Agreement"  with  a bank in 1991 under the terms of which the company brokered
certain mortgage loans to the bank and provides servicing of the loans for the
bank. The agreement includes a default agreement under which the company is to
"buy  back"  mortgage  loans that become delinquent. As of March 31,1997 there
were 23 loans being serviced by the company with a amortized cost basis to the
bank of approximately $522,103. All of the loans are secured by single family,
owner  occupied  residences  in the greater Houston area and none were 60 days
past due at March 31, 1997. Performance under the agreement is guaranteed by a
major  stockholder  of  the  Company  and a former stockholder of a subsidiary
corporation.    No  significant  loss  to  the company under this agreement is
anticipated  by  management.

     (11)  Estimates:
           ---------
     The  preparation  of  financial  statements  in conformity with generally
accepted  accounting  principles  requires  management  to  make estimates and
assumptions  that  affect  the  reported  amount of assets and liabilities and
disclosure  of  contingent assets and liabilities at the date of the financial
statements  and  the  reported  amounts  of  revenues  and expenses during the
reporting  period.    Actual  results  could  differ  from  those  estimates.

     (12)  Fair  Value  of  Financial  Instruments
           ---------------------------------------
     The  Company's  only  financial  instruments  are    accounts payable and
accrued  expenses.  Management believes the carrying amount of these financial
instruments  approximate  their  fair  values.

     (13)  Loss  Per  Common  Share:
           ------------------------
     The loss per share data was computed based on the weighted average number
of  common shares outstanding.  The Company authorized a 1 share of new for 20
old  share  reverse  stock  split  on August 30, 1996. All share and per share
amounts  have  been  adjusted  to  give  effect  to  the  stock  split.

     (14)  Marketable  Equity  Securities:
           ------------------------------
     The  Company  has certain marketable equity securities, at March 31, 1997
deemed  by  management  to  have  no  fair  value.

     (15)  Notes  Receivable  -  Other:
           ----------------------------
     The  Company  had  certain    notes  receivable,  dated  in  1984,  for
approximately  $150,000  of  which management had deemed uncollectible and had
fully  reserved  for  all  years  presented  in  the  accompanying  financial
statements.

     (16)  Revolving  Line  of  Credit:
           ---------------------------
     The  Company  had  a  revolving line of credit with a bank in the maximum
amount  of  $250,000  which  matured January 23, 1997.  The line of credit was
used  by  the  Company  solely  to  finance  the  purchase  of  single  family
residential  loans  and  the  holding  of  such loans until they are sold. The
balance  of $80,516.00 as of March 31, 1997 is being liquidated as the Company
sells  the underlying mortgages.  Funds from sources other than the underlying
mortgages  will  be  required  to  fully  liquidate  the  balance.

     (17)  Notes  Payable:
           --------------
     At  March  31, 1997, the Company had a note payable to a bank for $47,339
which  matured January 23, 1997, including all interest accrued thereon at the
bank's  prime  rate  plus  2%.  The  note is collateralized by a single family
residential  property and guaranteed by a major stockholder of the Company and
a  former stockholder of a subsidiary corporation. The note will be liquidated
with  the  sale  of  the  real  estate.

     On  March  31,  1997, the Company had financial arrangements with various
individuals  through  their  individual  retirement (IRA) accounts, which were
originated  to  finance the purchase of mortgage loans and real estate.  Notes
collateralized  by  mortgage  loans mature at various dates from 1997 to 2021.
The  notes  become  due  and  payable  immediately upon demand of individuals.
Principal and interest are payable monthly, at rates ranging from 11% to 12 %.
In  the  event  of  foreclosure,  the  notes payable are collateralized by the
underlying  real estate; principal payments are discontinued and interest only
is  payable  monthly.  Upon the Company's sale of the real estate and creation
of a new mortgage loan, principal payments and interest are due monthly, based
on  the  term  and maturity date of the new mortgage loan.  Upon the Company's
sale  of real estate for cash, the note payable becomes unsecured. The Company
is  obligated  to  make  a  best  effort  to collateralize the note with a new
mortgage  loan  purchase  or  real  estate purchase. Unsecured notes and notes
secured  by  real  estate  have  no  stated maturity date. Interest is payable
monthly  at rates ranging from 11% to 12%. At March 31, 1997 the notes payable
to  individuals  pursuant  to  this  arrangement  totaled  $684,438.

     The  Company    has  various  notes to two individuals, having no written
terms, including the maturity dates and interest rates.  Some of the notes are
due  upon  the  maturity  of  the underlying mortgage loan collateral; and the
other  notes  have  no stated maturity date and are unsecured.  Interest rates
vary  between  12% to 13% and for some notes, interest is payable monthly; for
others,  interest  is  due  at  maturity  of  the  underlying  mortgage  loan
collateral.    Should  an  individual  desire  to  liquidate his account, upon
written  notice,  the  Company  will employ its best efforts and has up to six
months  to  sell the underlying collateral for cash proceeds to be remitted to
the  individual.  In  such  liquidation,  funds  from  sources  other than the
underlying  mortgage  loans would be required.  The collateralized notes total
$90,323  and  the  unsecured  notes  total  $154,132  at  March  31,  1997.

     The  Company  has  two notes payable for the purchase of stock in Private
Mortgage  Bankers,  Inc.  of  $30,000  each  due August 15, 1999 with interest
payable  monthly  at  the  rate  of  eight  percent.

     (18)  Concentrations  of  Credit  Risk
           --------------------------------
     The  Company's  financial instruments which are exposed to concentrations
of  credit risk consist primarily of loans receivable secured by single family
residential  mortgages  in  Houston and surrounding area. The Company assesses
its  credit  risk  and  provides          an allowance for credit loss for any
loans  which  it  deems  doubtful  of  collection.

     (19)  Loans  Receivable:
           -----------------
          Major  classifications  of  loans  at March 31, 1997 are as follows:

<TABLE>
<CAPTION>

<S>                               <C>
Residential real estate:
Single Family residential         $900,581
Multi-Family residential            23,489
Commercial                          15,018
Land                                 8,087
                                  --------
                                  $947,175
Less:
Loan fees and unearned discounts   186,280
Allowance for credit losses         10,000
                                  --------
                                  $750,895
                                  ========
</TABLE>

<PAGE>

Item  2.

Management's  Discussion  and  Analysis  or  Plan  of  Operation.

     This report on Form 10-QSB contains forward-looking statements within the
meaning  of  Section  27A of the Securities Act of 1933 and Section 21E of the
Securities  Exchange  Act  of  1934.    The  Company  intends  that  such
forward-looking  statements  be  subject  to its safe harbors created thereby.

     The  following is a discussion and analysis of the consolidated financial
condition of the Company as of March 31, 1997 and of the results of operations
for  the  Company  for  the three and nine months ended March 31, 1997, and of
certain  factors that may affect the Company's prospective financial condition
and  results  of operations.  The following should be read in conjunction with
the  unaudited  consolidated  financial statements and related notes appearing
elsewhere  herein.

     Prior  to  September  30,  1996,  the  Company, formerly known as General
Genetics  Corporation,  was  essentially  dormant with no business activities.
General  Genetics  Corporation  was  formed in 1982, but business activity has
been  substantially discontinued since 1986.  In July of 1996 Life Today Inc.,
purchased  Life  Today  Financial Services, Inc., and later that month Private
Mortgage  Bankers,  Inc., purchased Life Today, Inc.  On August 30, 1996, 100%
of  the  outstanding shares of Private Mortgage Bankers Inc., were acquired by
General Genetics Corporation in exchange for shares of common stock of General
Genetics  Corporation in a transaction accounted for as a reverse acquisition.
Upon completion of the acquisition, the stockholders of the Company became the
controlling  stockholders  of  General Genetics Corporation.  On September 25,
1996,  General  Genetics  Corporation was merged into Note Bankers of America,
Inc.    These events make period to period and trend analysis of the Company's
statements  difficult.   Comparative discussions herein are based upon current
and prior period proforma financial statements prepared by management for each
of  its  primary  operating  subsidiary units (P.B. and Life Today Companies),
which  proforma  financial  statements  are  included  as  footnotes  to  this
discussion to facilitate meaningful comparison.  In the opinion of management,
all  adjustments  considered  necessary  for  a  fair  presentation  have been
included.

OVERVIEW

     The  Company  is  a  speciality  financial  services holding company that
primarily  conducts  business  in  two  distinct  areas:

     (1)      providing viatical settlements for terminally ill individuals by
purchasing  life  insurance  policies ("Viatical Receivables") from terminally
ill  individuals,  both  acting  as  a broker and acting for its own principal
investment  account;  and

     (2)          purchasing,  brokering,  acquiring, repackaging, holding for
investment  and  acting  as  a  dealer  in  portfolios  of  "owner  financed"
residential  and  "light"  commercial  real  property  first  mortgage  loans,
primarily  originated  as  owner  financed  ("Mortgage  Receivables").

     The  Company's  financial  statements consolidate the assets, liabilities
and  operations  of  Private  Mortgage  Bankers,  Inc. ("P.B."), the Company's
wholly-owned  special purpose subsidiary through which the Company conducts it
mortgage  purchase  operations,  and  Life  Today,  Inc.  ("Life  today"), the
Company's  wholly-owned  special  purpose subsidiary through which the Company
conducts  its  viatical  settlement  business  operations.

RECENT  DEVELOPMENTS

     Through  December  31,  1996, P.B. and Life Today have primarily acted as
brokers  in  the  purchase of Mortgage Receivables and Viatical Receivables by
originating  and  packaging  the  Receivables for presentation for purchase by
prospective  third  party  investors.    P.B.  and Life Today have developed a
continuing  relationship  with  several  individual  investors  who  provided
financing for the purchase of their current portfolio of Receivables.  Current
investors  in  these  Receivables include primarily high net worth individuals
and  individual  pension  and  retirement  accounts.  However, dependence upon
individual third party investor-purchasers has necessarily limited the ability
of  P.B.  and Life Today to significantly expand the volume of their purchases
and  thereby  has  limited  their  ability  to  generate  profits.  Management
believes  that future profitability is dependent upon increasing the volume of
Receivables  purchased  and  purchasing  Receivables  as principal for its own
account,  thereby  increasing  the return realized on each Receivable.  If the
Company  is  to  significantly  increase  the volume of Receivables purchased,
management  believes  that  it must provide for the marketing of funds through
its  own  investment  program  and  utilize  those  funds  for the purchase of
Receivables  as  principal  for  its  own  account.

     Management is currently implementing plans to undertake on behalf of P.B.
and  Life Today private debt offerings to raise a minimum of $10,000,000 to be
used  to  acquire  Receivables for its own account and then to "warehouse" the
Receivables  it  has  purchased into pools.  The Company intends to then offer
these  pools  of  Receivables  to  institutional  investors.

RESULTS  OF  OPERATIONS

     PRIVATE  MORTGAGE  BANKERS,  INC.(1)

     BROKERAGE INCOME - The company closed 7 transactions totaling $16,967 (an
average  of  $2,424  each)  for  the  three  months  ended
March  31,  1996.  For  the  quarter  ended  March 31, 1997, none were closed.

     GAIN  ON LOAN SALES - The company sold 3 loans for a total gain of $6,366
for  the quarter ended March 31, 1996, and 4 loans for a total gain of $18,037
for  the  quarter  ended  March  31,  1997.

     GAIN  ON  SALE  OF HOUSES - The company sold 2 houses for a total gain of
$18,831  for  the  quarter  ended  March 31, 1996, no houses were sold for the
quarter  ended  March  31,  1997.

     OTHER  OPERATING  EXPENSE  -  Other  operating expense decreased     from
$15,110  in  the  quarter  ended  March  31, 1996 to $9,264 for the respective
quarter in 1997. The decrease is due to managements efforts to hold costs to a
minimum  while  seeking  investment  capital.

     LIFE  TODAY  COMPANIES  (2)

     BROKERAGE  REVENUE  -  For  the  quarter ended March 31, 1997 the company
closed 8 transactions for a total of $50,776 compared to 14 transactions for a
total  of  $93,292  in  the  same          quarter  of  1996.

DIRECT  COST  -  Direct  costs  as  a  percentage  of revenue were as follows:

                                        1997          1996
                                        ----          ----
          3  mos.  ended  3/31          22%            16%

     The  increase  in direct cost as a percentage of revenue is partially due
to  arrangements  with  a  certain  broker.

     SALARIES  AND BENEFITS - In 1996 salaries were paid based upon income and
cash available. In 1997 salaries are stated amounts and for the quarters ended
March  31,  1997, and   include accruals for salaries earned but not yet paid.

     GENERAL  GENETICS  CORPORATION  (3)

     Note  Bankers  of  American,  Inc.  (fka  General  Genetics  Corporation)
incurred  expenses  of  $38,292  for the quarter ended March 31, 1997. General
Genetics  Corporation  was  not  active  for  the related periods in 1996. The
expenses  incurred  in 1997 are primarily allocated shares of Private Mortgage
Bankers,  Inc.  and  Life  Today,  Inc.  salaries  and  office  expense.

LIQUIDITY  AND  CAPITAL  RESOURCES

     The Company's primary sources of cash during the quarter ending March 31,
1997, were funds generated by sales of loans and viatical brokerage fees.  The
Company's  cash  requirements  have  been and will continue to be significant.
Financial  difficulties  have  not been uncommon in the history of the Company
and there can be no assurance that it will be able to raise the capital it now
needs.    The  future  success  of the Company, and its growth, depends on its
ability  to raise additional funds.  If the Company is successful in obtaining
short-term  funds,  they  will  be  disbursed  for  general  operations.

     Once  short  term  capital  to  meet  the requirements has been obtained,
management  of the Company will be able to next address an updated and revised
business  plan  for  the next twelve months of operations.  It should be noted
that,  even  with  a  revised  business  plan,  there is no assurance that the
Company will be successful in bringing sufficient long term capital to achieve
profitability.

     As  of March 31, 1997, the current liabilities exceeded current assets by
$512,575,  a  ratio  of  1.6  to 1.  The available cash of $12,775 represented
1.62%  of  total  current  assets.  Cash flow required by operating activities
decreased  by  30%  ($25,219)  from the quarter ended December 31, 1996 to the
quarter  ended  March  31,  1997.

<PAGE>

<TABLE>
<CAPTION>

                              PRIVATE  MORTGAGE  BANKERS,  INC.
                                 Statements  of  Operations
                              For  the  Three  Months  Ended


                                          Mar. 31    Mar. 31
                                           1997       1996
<S>                                      <C>        <C>
REVENUE:
          Brokerage Income               $      0   $  7,620 
          Gain on Loan Sales                6,979     11,868 
          Interest on Loans                33,210     44,701 
          Loan Servicing Fees               1,777        971 
  Total Revenue                            41,966     65,160 

OPERATING EXPENSES
          Brokerage Commissions                 0      4,989 
          Interest Expense                 39,804     42,518 
          Salaries and Benefits            23,532     39,042 
          Occupancy                         4,445      6,299 
          Legal and Accounting Expense      1,742      2,899 
          Amortization and Depreciation         0          0 
          Other                             9,264      15110 
  Total Operating Expenses                 78,787    110,857 

LOSS FROM OPERATIONS                      (36,821)   (45,697)

OTHER INCOME
          Gain on Sale of Real Estate           0          0 
          Other Income                      9,510      8,368 
  Total Other Income                        9,510      8,368 

NET LOSS                                 $(27,311)  $(37,329)
</TABLE>

<PAGE>

<TABLE>
<CAPTION>

       COMBINED LIFE TODAY, INC AND LIFE TODAY FINANCIAL SERVICES, INC.
              Statements of Operations For the Three Months Ended


                                           Mar. 31   Mar. 31
                                            1997       1996
<S>                                       <C>        <C>
BROKERAGE REVENUE                         $ 50,776   $ 93,292

DIRECT COSTS                                11,392     14,863
  Gross Profit                              39,384     78,429

OPERATING EXPENSES
          Advertising                        5,075      1,446
          Interest Expense                     299        205
          Salaries and Benefits             40,410     19,235
          Depreciation and amortization        831        877
          Other                              8,675      24205
  Total Operating Expenses                  55,290     45,968

LOSS FROM OPERATIONS                       (15,906)    32,461

OTHER INCOME
          Loss on Sale of Assets
          Other Income                          93 
  Total Other Income                            93          0

NET INCOME (LOSS)                         $(15,813)  $ 32,461
</TABLE>

<PAGE>

<TABLE>
<CAPTION>

                         NOTE  BANKERS  OF  AMERICA,  INC.
                              fka  General  Genetics  Inc.
                             Statements  of  Operations
                          For  the  Three  Months  Ended


                                         Mar. 31   Mar. 31
                                           1997      1996
<S>                                      <C>       <C>
REVENUE:                                 $      0  $      0

OPERATING EXPENSES
          Advertising                       5,000
          Interest Expense
          Salaries and Benefits            22,959
          Occupancy
          Legal and Accounting Expense      5,436
          Amortization and Depreciation
          Other                             4,897       900
  Total Operating Expenses                 38,292       900

LOSS FROM OPERATIONS                       38,292       900

OTHER INCOME                                    0         0

NET LOSS                                 $ 38,292  $    900
</TABLE>

<PAGE>




PART  II  -  OTHER  INFORMATION

Item  1.  

Legal  Proceedings.

          None;  not  applicable.

Item  2.Changes  in  Securities.

          None;  not  applicable.

Item  3.Defaults  Upon  Senior  Securities.

          None;  not  applicable.

Item  4.Submission  of  Matters  to  a  Vote  of  Security  Holders.

Item  5.Other  Information.

          None;  not  applicable

Item  6.Exhibits  and  Reports  on  Form  8-K.

          (a)Exhibits.

               27          Financial  Data  Sheet

          (b)Reports  on  Form  8-K.

               None

<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.



                         NOTE  BANKERS  OF  AMERICA,  INC.


                          /S/  E.  Donald  DeYoung
Date:  May 9, 1997  By   ________________________________________
                         E.  Donald  DeYoung,  Director/President


                        /S/  Allen  E.  Myers
Date:  May 9, 1997  By  _______________________________
                        Allen  E.  Myers,  Director/CEO


                        /S/  Louis  J.  Blendeman
Date:  May 9, 1997  By ________________________________
                       Louis  J.  Blenderman,  Director