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


                                  FORM 10-QSB


                  QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
                    OF THE SECURITIES EXCHANGE ACT OF 1934
                        For the quarterly period ended
                               December 31,1996


                          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.
    incorporation or organization)                         Employer I.D. No.)


                        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:

                               January 31, 1997

                       Common Voting Stock - 22,430,000

                        PART I - FINANCIAL INFORMATION

Item  1.Financial  Statements.

<TABLE>
<CAPTION>

                         NOTE BANKERS OF AMERICA, INC.

                          Consolidated Balance Sheets
                               December 31, 1996

                                    ASSETS

<S>                                                       <C>
CASH                                                      $   32,910 

LOANS HELD FOR RESALE                                        972,096 

FURNITURE, FIXTURES  AND EQUIPMENT, at cost, less
           accumulated depreciation of $11,188                 9,588 

REAL ESTATE OWNED                                            127,229 

ACCRUED INCOME AND OTHER  ASSETS                              21,586 

GOODWILL                                                      63,771 

                                                          $1,227,180 

              LIABILITIES AND STOCKHOLDERS' DEFICIT

BANK LINE OF CREDIT                                       $  227,433 

ESCROW DEPOSITS                                               58,886 

ACCOUNTS PAYABLE AND ACCRUED EXPENSES                        179,789 

NOTES PAYABLE                                              1,136,910 

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                               (471,499)
            Total Stockholders' Deficit                     (375,838)

                                                          $1,227,180 
</TABLE>

<TABLE>
<CAPTION>

                         NOTE BANKERS OF AMERICA, INC.

                     Consolidated Statements of Operations

                                          3 Months    3 Months    6 Months
                                           Ended       Ended       Ended
                                          12/31/96    9/30/96     12/31/96
<S>                                      <C>         <C>         <C>
REVENUE:
          Brokerage Income               $ 133,804   $ 108,551   $ 242,355 
          Gain on Loan Sales                18,037       4,658      22,695 
          Interest on Loans                 35,501      40,407      75,908 
          Loan Servicing Fees                1,910       1,906       3,816 
   Total Revenue                           189,252     155,522     344,774 

OPERATING EXPENSES
          Brokerage Commissions             40,685      53,157      93,842 
          Interest Expense                  41,418      40,290      81,708 
          Salaries and Benefits             96,303     105,378     201,681 
          Occupancy                          6,932       6,763      13,695 
          Legal and Accounting Expense      35,568      36,802      72,370 
          Amortization and Depreciation        876         876       1,752 
          Other                             27,815      30,311      58,126 
     Total Operating Expenses              249,597     273,577     523,174 

LOSS FROM OPERATIONS                       (60,345)   (118,055)   (178,400)

OTHER INCOME
          Gain on Sale of Real Estate       10,903       1,992      12,895 
          Other Income                       5,503       5,715      11,218 
     Total Other Income                     16,406       7,707      24,113 

NET LOSS                                   (43,939)   (110,348)   (154,287)

Net Losses of Subsidiaries Prior
          to Acquisition                                20,031      20,031 

CONSOLIDATED NET LOSS                    $ (43,939)  $ (90,317)  $(134,256)
</TABLE>

<TABLE>
<CAPTION>

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

                                          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 combiner 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)
</TABLE>

<TABLE>
<CAPTION>

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

                                                                           3 Months   3 Months   6 Months
                                                                             Ended      Ended      Ended
                                                                           12/31/96    9/30/96   12/31/96
<S>                                                                        <C>        <C>        <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net Income (Loss)                                                         (43,940)  (110,348)  (154,288)
  Adjustments to reconcile net loss to
     net cash provided by operating activities:
     Depreciation and Amortization                                              876        876      1,753 
     Expenses paid by a shareholder on behalf of the company
          and accounted for as contributed capital                                       4,801      4,801 
     Amortization of unearned
          discounts and fees                                                 (4,104)    (6,035)   (10,139)
     Changes in operating assets and liabilities:
          Decrease (increase) in accrued
               income and other assets                                        2,291     (1,260)     1,031 
          (Decrease) increase in accounts payable and accrued expenses       (9,463)    21,095     11,632 
               Less accrued expenses paid by a shareholder on behalf of
                    the company and accounted for as contributed capital                15,199     15,199 
     Gain on sale of loans                                                  (18,037)    (4,658)   (22,695)
     Gain on sale of real estate                                            (11,363)    (1,992)   (13,355)
          Net cash used in operating
              activities                                                    (83,740)   (82,322)  (166,061)
CASH FLOWS FROM INVESTING  ACTIVITIES:
  Purchase of Loans                                                         (30,619)  (103,602)  (134,221)
  Proceeds from sale of loans                                               148,318     95,743    244,061 
  Payments received on loans                                                 27,459     27,757     55,216 
  Purchase of real estate and improvements                                  (23,887)      (732)   (24,619)
  Proceeds from sale of real estate                                          33,803     31,602     65,405 
  Increase in Loans to Stockholders                                           3,000     (3,000)         0 
          Net cash provided by (used in)
               investing activities                                         158,075     47,768    205,843 
CASH FLOWS FROM FINANCING ACTIVITIES:
  Increase (decrease) in escrow
     deposits                                                                12,639     10,346     22,985 
  Payments on bank line of credit                                                 0    (18,500)   (18,500)
  Proceeds from notes payable                                                50,365     85,274    135,639 
  Payments on notes payable                                                (151,077)   (63,719)  (214,796)
  Proceeds from sale of stock                                                15,000     30,000     45,000 
          Net cash provided by (used in)
                  financing activities                                      (73,073)    43,401    (29,672)

(DECREASE) INCREASE IN CASH                                                   1,262      8,847     10,109 

CASH - beginning of period                                                   31,648     22,801     22,801 

CASH - end of period                                                         32,910     31,648     32,910 


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

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

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

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

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

  Notes payable exchanged for
    Note Bankers of America stock                                            50,000                50,000 
</TABLE>

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

     (1)          Organization:

     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
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 December 31, 1996 there
were 24 loans being serviced by the company with a amortized cost basis to the
bank of approximately $549,325. All of the loans are secured by single family,
owner  occupied residences in the greater Houston area and only one(cost basis
of  approximately  $17,242.00)  was  60  days  past  due at December 31, 1996.
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 December 31,
1996  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  has  a  revolving line of credit with a bank in the maximum
amount  of  $250,000 which matured on January 23, 1997.  The line of credit is
used  by  the  Company  solely  to  finance  the  purchase  of  single  family
residential  loans  and  the  holding  of  such  loans  until  they  are sold.

     (17)          Notes  Payable:

     At  December  31,  1996,  the  Company  had  a note payable to a bank for
$47,339  due  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.

     At  December  31,  1996, the Company had a note payable to the a mortgage
company,  payable  in  monthly  installments  of  $216  through  June 1, 2007.
Interest  on  the  note  is  payable  monthly  at  a  9.125%  and  the note is
collateralized  by  single  family  residential  real  estate.    The  balance
outstanding  on  the  note  at  December  31,  1996  was  $17,382.

     On December 31, 1996, 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 December 31, 1996 the notes
payable  to  individuals  pursuant  to  this  arrangement  totaled  $693,781.

     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
$141,769  and  the  unsecured  notes  total  $126,086  at  December  31, 1996.

          The  Company has two notes payable to individuals, having no written
terms  including  the  maturity  dates  and  interest  rates.   The notes were
initially  funded  to  purchase  real estate.  The notes are collateralized by
mortgage  loans  and  real  estate.    The balance at December 31, 1996 was at
$50,550.

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 December 31, 1996 are as follows:

     Residential  real  estate:
          Single  Family  residential          $  1  147,319
          Multi-Family  residential            25,919
          Commercial            15,156
          Land                            9,780
                                  -------------
               1  198,174

          Less:
             Loan  fees  and  unearned  discounts          216,079
             Allowance  for  credit  losses                    10,000
                                                     ----------------
                                        $      972,095
                                        ==============

     (20)          Events  Subsequent  to  the  Balance  Sheet  Date:

     Maturity  of  Revolving  Bank  Line  of  Credit  and  Sale  of  Mortgages

     The Bank Revolving Line of Credit referred to in Note 16 above matured on
January  23,  1997,  and PMB commenced liquidating a portion of the loans held
for  resell  by  PMB  by selling the loans to unaffiliated third parties.  The
Company intends to use the proceeds from such sales to retire said debt.  Said
debt  is  further  guaranteed  by  several  individuals.


Item  2.
<PAGE>
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  December  31,  1996 and of the results of
operations  for  the  Company  for the three and six months ended December 31,
1996  and  1995,  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 (PMB 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.  ("PMB"), 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,  PMB 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.    PMB  and  Life Today have developed a
continuing  relationship  with  several  individual  investors  who  provided
financing  for the purchase of their current profolio 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  PMB  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 PMB
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 December 31, 1995, and
6  transactions totaling $14,666 (an     average of $2,444 each) for the three
months  ended September 31,     1995. For the quarter ended December 31, 1996,
4  transactions       totaling $4,864 for an average of $1,216 were closed and
for  the     quarter ended September 30, 1996, 3 transactions totaling $10,222
for  an average of $3,407 were closed. Though the overall average          per
transaction  decreased  for the six months ended December 31,          1995 to
1996  by  $278,  the  overall  decrease is due primarily to          volume of
transactions  closed.

     GAIN  ON  LOAN  SALES  - The company sold 3 loans for a total     gain of
$6,366  for  the  quarter ended December 31, 1995, and 4     loans for a total
gain  of $18,037 for the quarter ended December     31, 1996. For the quarters
ended  September 30, 1995 and 1996, the     company sold 4 loans for a gain of
$11,834  and  2  loans  for  a  gain          of  $4,658  respectively.

     GAIN  ON  SALE OF HOUSES - The company sold 2 houses for a     total gain
of  $18,831  for  the  quarter  ended December 31, 1995,     and 1 house for a
total  gain  of  $10,904  for the quarter ended     December 31, 1996. For the
quarters  ended September 30, 1995 and     1996, the company sold 3 houses for
a  gain  of  $25,857  and  2  houses  for  a  gain  of  $1,992  respectively.

     OTHER  OPERATING  EXPENSE  -  Other  operating expense decreased     from
$28,773  and $23,027 in the quarters ended September 30, 1995     and December
31,  1995  to  $12,713 and $7,969 for the respective     quarters in 1996. The
decrease  is  due  to  managements  efforts to     hold costs to a minimum and
extra  ordinary  legal  fees  in  1995  on     corporate identity and proposed
acquisition  matters.

     LIFE  TODAY  COMPANIES  (2)

     BROKERAGE  REVENUE  -  For  the  quarter ended September 30, 1996     the
company  closed 12 transactions for a total of $98,330          compared to 21
transactions  for  a total of $71,390 in the same     quarter of 1995. For the
quarter ended December 31, 1996 the company closed 11 transactions for a total
of  $128,940  compared  to 19 transactions for a total of $82,029 for the same
quarter of 1995. Though the number of transactions decreased 42% for the above
six month periods, the average revenue per transaction increased 158%. Because
the  brokerage  fee on Viatical settlements is based on the face amount of the
related  insurance  policy, the company is concentrating their efforts to find
the  largest  policies  available.

     DIRECT  COST  -  Direct  costs  as  a  percentage  of revenue were     as
follows:
                                                       1996          1995

          3  mos.  ended  9/30          55%            21%
          3  mos.  ended  12/31          28%            16%
          6  mos.  ended  12/31          27%            18%

     The  increase  in direct cost as a percentage of revenue is partially due
to a long term sales consulting agreement being bought out in 1996 and certain
advance  commissions  being  paid  to  a  broker.

     SALARIES  AND BENEFITS - In 1995 salaries were paid based upon income and
cash available. In 1996 salaries are stated amounts and for the quarters ended
September  30  and  December  31  included  substantially  all of the salaries
related  to  the  operation  of  Note Bankers of America, Inc. and the related
merger  and  acquisitions.

     GENERAL  GENETICS  CORPORATION  (3)

     Note  Bankers  of  American,  Inc.  (fka  General  Genetics  Corporation)
incurred  expenses  of $36,636 and $43,408 for the quarters ended September 30
and  December  31,  1996  respectively.  General  Genetics Corporation was not
active  for  the  related  periods  in 1995. The expenses incurred in 1996 are
primarily  for  legal  and audit fees related to the merger and acquisition of
Private  Mortgage  Bankers,  Inc.  and  the  Life  Today  Companies.

LIQUIDITY  AND  CAPITAL  RESOURCES

     The  Company's primary sources of cash during the quarter ending December
31,  1996,  were  funds  generated  by  sales  of  loans and real estate.  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  to  accomplish  the  following:

     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  December  31,  1996,  the  Company's current liabilities exceeded
current  assets  by  $424,644,  a  ratio  of  1.4 to 1.  The available cash of
$32,910  represented  3%  of  total  current  assets.    Cash flow required by
operating  activities  increased  by  1.7%  ($1,410)  for  the  quarter  ended
September  30,  1996  to  the  quarter  ended  December  31,  1996.


 (1)

<TABLE>
<CAPTION>

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

                                          Sept. 30    Sept. 30
                                            1996        1995
<S>                                      <C>         <C>
REVENUE:
          Brokerage Income               $  10,222   $  14,666 
          Gain on Loan Sales                 4,658      11,834 
          Interest on Loans                 40,407      36,459 
          Loan Servicing Fees                1,906         757 
          Total Revenue                     57,193      63,716 

OPERATING EXPENSES
          Brokerage Commissions              4,339       7,377 
          Interest Expense                  40,289      41,508 
          Salaries and Benefits             37,990      37,615 
          Occupancy                          2,763       6,067 
          Legal and Accounting Expense         495       8,594 
          Amortization and Depreciation          0           0 
          Other                             12,713      28,773 
          Total Operating Expenses          98,589     129,934 

LOSS FROM OPERATIONS                       (41,396)    (66,218)

OTHER INCOME
          Gain on Sale of Real Estate        1,992      25,857 
          Other Income                       5,715       4,966 
            Total Other Income               7,707      30,823 

NET LOSS                                 $ (33,689)  $ (35,395)

</TABLE>

<TABLE>
<CAPTION>

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

                                          Dec. 31    Dec. 31
                                           1996       1995
<S>                                      <C>        <C>
REVENUE:
          Brokerage Income               $  4,864   $ 16,967 
          Gain on Loan Sales               18,037      6,366 
          Interest on Loans                35,501     33,184 
          Loan Servicing Fees               1,910      2,208 
            Total Revenue                  60,312     58,725 

OPERATING EXPENSES
          Brokerage Commissions             3,161      6,316 
          Interest Expense                 41,418     43,598 
          Salaries and Benefits            36,278     35,133 
          Occupancy                         4,532      6,359 
          Legal and Accounting Expense        740      9,572 
          Amortization and Depreciation         0          0 
          Other                             7,969     23,027 
            Total Operating Expenses       94,098    124,005 

LOSS FROM OPERATIONS                      (33,786)   (65,280)

OTHER INCOME
          Gain on Sale of Real Estate      10,904     18,831 
          Other Income                      5,503      8,350 
            Total Other Income             16,407     27,181 

NET LOSS                                 $(17,379)  $(38,099)
</TABLE>

 (2)

<TABLE>
<CAPTION>

                         COMBINED LIFE TODAY, INC AND
                      LIFE TODAY FINANCIAL SERVICES, INC.
                           Statements of Operations

                                           Sept. 30   Sept. 30
                                             1996       1995
<S>                                       <C>         <C>
BROKERAGE REVENUE                         $  98,330   $  71,390

DIRECT COSTS                                 53,654      14,661
          Gross Profit                       44,676      56,729

OPERATING EXPENSES
          Advertising                         4,178       1,568
          Interest Expense                      263         250
          Salaries and Benefits              63,048      35,772
          Depreciation and amortization         831         873
          Other                              16,338      16,919
          Total Operating Expenses           84,658      55,382

LOSS FROM OPERATIONS                        (39,982)      1,347

OTHER INCOME
          Loss on Sale of Assets
          Other Income                                        3
            Total Other Income                    0           3

NET INCOME (LOSS)                         $ (39,982)  $   1,350
</TABLE>

<TABLE>
<CAPTION>

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

                                          Dec. 31    Dec. 31
                                            1996      1995
<S>                                       <C>       <C>
BROKERAGE REVENUE                         $128,940  $ 82,029 

DIRECT COSTS                                38,630    12,776 
          Gross Profit                      90,310    69,253 

OPERATING EXPENSES
          Advertising                           54     8,768 
          Interest Expense                     342       695 
          Salaries and Benefits             59,364    38,922 
          Depreciation and amortization        831       874 
          Other                             12,828    21,255 
          Total Operating Expenses          73,419    70,514 

LOSS FROM OPERATIONS                        16,891    (1,261)

OTHER INCOME
          Loss on Sale of Assets
          Other Income                                    15 
          Total Other Income                     0        15 

NET INCOME (LOSS)                         $ 16,891  $ (1,246)
</TABLE>

 (3)

<TABLE>
<CAPTION>

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

                                         Sept. 30   Sept. 30
                                           1996       1995
<S>                                      <C>        <C>
REVENUE:                                 $       0  $       0

OPERATING EXPENSES
          Advertising                          250
          Interest Expense
          Salaries and Benefits
          Occupancy
          Legal and Accounting Expense      28,448
          Amortization and Depreciation          0
          Other                              7,938
          Total Operating Expenses          36,636          0

LOSS FROM OPERATIONS                        36,636          0

OTHER INCOME                                     0          0

NET LOSS                                 $  36,636  $       0
</TABLE>

<TABLE>
<CAPTION>

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

                                         Dec. 31   Dec. 31
                                           1996      1995
<S>                                      <C>       <C>

REVENUE:                                 $      0  $      0

OPERATING EXPENSES
          Advertising                       5,395
          Interest Expense                      0
          Salaries and Benefits                 0
          Occupancy                             0
          Legal and Accounting Expense     31,820
          Amortization and Depreciation         0
          Other                             6,193
            Total Operating Expenses       43,408         0

LOSS FROM OPERATIONS                       43,408         0

OTHER INCOME                                    0         0

NET LOSS                                 $ 43,408  $      0
</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.

          None;  not  applicable.

Item  5.Other  Information.

          None;  not  applicable.

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

          (a)Exhibits.

               27Financial  Data  Sheet

          (b)Reports  on  Form  8-K.

               During  the  quarter ended December 31, 1996, the Company filed
an  amendment  designated  Amendment  No. 2 to its original report on Form 8-K
dated  September 3, 1996.  Subsequently, the Company filed a further amendment
designated  Amendment No. 3 to its original report on Form 8-K dated September
3,  1996.  The original report, dated September 3, 1996, and Amendments No. 1,
2  and 3 thereto dated November 4, 1996, provided the details of the Company's
change  in control and consummation of the share exchange with PMB and matters
related  thereto,  including  a  change in Registrant's certifying accountant.
These  reports  are  incorporated  by  reference  herein.



<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:    February  21,  1997By  ____________________________________
                                   E.  Donald  DeYoung,  Director
                                   President


                                   /S/  Allen  E.  Myers
Date:    February  21,  1997By  __________________________________
                                   Allen  E.  Myers,  Director
                                   CEO


                                           /S/  Louis  J.  Blenderman
Date:    February  21,  1997            By ___________________________________
                                           Louis  J.  Blenderman,  Director