UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K

Annual Report pursuant to Section 13 or 15 (d)
of the Securities Exchange Act of 1934

For the fiscal year ended   		December 31, 1999

Commission file number     	 33-17643

THE MORTGAGE BANCFUND OF America, a California Limited Partnership
(exact name of registrant as specified in its charter)

California								33-0281356
(State or other jurisdiction of            					I.R.S. Employer
Incorporation or organization )              					Identification No.

2402 MICHELSON, SUITE 255, IRVINE, CA  92612-1323
(address of principal executive office)

(714) 253-2900
(registrant's telephone number, including area code)

N/A
(Former name, former address and former fiscal year, if changed since last
report.)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class:	N/A

Name of Each Exchange on Which Registered:	N/A

Securities registered pursuant to Section 12(g) of the Act:

Title of Class:	N/A

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

         YES    X								NO_______
Partnership units outstanding: 87,087


The Mortgage Bancfund of America
(a California Limited Partnership)

Index to Form 10-K

December 31, 1999

Part I

Item 1 - Business
Item 2 - Properties
Item 3 - Legal Proceedings
Item 4 - Submission of matters to a vote of security holders (partners)

Part II

Item 5 - Market for the registrant's Partnership units and related security
         holder matters
Item 6 - Selected financial data
Item 7 - Management's discussion and analysis of financial condition and
         results of operations
Item 8 - Financial statements and supplementary data
Item 9 - Disagreements with accountants on accounting and financial disclosure

Part III

Item 10 - Directors and executive officers of the registrant
Item 11 - Executive compensation
Item 12 - Security ownership of certain beneficial owners and management
Item 13 - Certain relationships and related transactions

Part IV

Item - 14 Exhibits, financial statement schedules and reports on Form 8-K

Signatures


PART 1

Item 1: Business

General

THE MORTGAGE BANCFUND OF AMERICA, is a California Limited Partnership
(the "Partnership") of which the general partners are Robert Y. Strom and the
Mortgage BancFund Corporation (the Corporation), a California Corporation
wholly owned by Mr. Strom. The  Partnership was organized to make first and
second trust deed commercial real estate loans in the southern California area.
The Partnership currently manages one operational real estate projects which
was acquired through foreclosure.

Consolidated Operations

The attached financial statements are reported on a consolidated basis with
partnership interests which own real estate acquired through foreclosure.

State of the Economy

The southern California economy continues to be the most important factor
which affects the operations of the Partnership. Throughout 1994 and 1995
large industries announced large employee layoffs, plant closings and
relocation efforts to other states. All of this has depressed real estate
values in the local area. Management is of the opinion that the economy has
stopped this decline, however, the effects will be felt for at least the
next several years in lower rental rates and property values in general.
Rents and values have rebounded, but are still substantially below those of
the late 1980s and early 1990's.

Employees

The Partnership does not directly employ personnel. The Corporate general
partner handles all the business affairs of the partnership with its
remaining full-time staff of one employee.

Item 2: Properties:

The Partnership does not own any real property other than foreclosed
properties acquired during the normal course of business which was
disposed of during 1996.  No other real property is owned by the
Partnership.

Item 3: Legal Proceedings

At December 31, 1999 the Partnership was not involved in any adverse legal
proceedings.

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

No matters have been submitted to a vote of the Partnership.


Part II

Item 5: Market for the Registrant's Partnership Units and Related Security
Holder Matters

a) There is no established trading market for these securities and no known
sales of the securities have taken
place during fiscal  1999.
b) At December 31, 1999 there were 87,087 limited partnership units outstanding
which had been sold in prior years to approximately 650 limited partners.
c) No distributions were paid in fiscal 1999.

Item 6:          Selected Financial Data

                                   1997         1998       1999

Total Income               $     27,203  $   243,652  $   13,622

Net Income(Loss)               (110,020)     121,624    (111,247)

Net Income(loss) per LP Unit      (1.26)       (1.40)      (1.27)

Distributions per LP Unit            -0-          -0-         -0-

Total Assets                  2,129,800    1,563,654   1,527,024

Total Liabilities          $  2,048,380  $ 1,368,578  $1,450,499


Item 7: Management's Discussion and Analysis of Financial Condition  and
Results of Operations

General Overview:
The Partnership's management continues to primarily manage foreclosed
properties and collect the balance of the loans receivable on the Partnership
books. The Partnership concluded a development of single family housing
addition acquired through foreclosure.  Projections were not realized due to
mismanagement of the budget by the development partner in the joint venture.

Liquidity and Capital Resources:
Liquidity continues to be a serious problem for the Partnership. Management
will depend upon the operations of foreclosed real estate and the ultimate
sale of that real estate to generate funds necessary to operate. There are no
plans to seek additional capital from outside sources, either debt nor equity.

The capital account has eroded by nearly 97% of the original $100.00 cost to a
value of $2.86 per Partnership unit outstanding. This due to losses experienced
over the past several years.

Results of Operations:
Management is of the opinion losses will continue as the southern California
economy slowly recovers from a depression.  To date the liquidation or other
types of losses on properties foreclosed on has not resulted in a positive
return for the Partnership. Management is operating at this point in a
liquidation mode in which the assets will continue to be managed and sold as
those opportunities arise.

Management will continue to manage and attempt to sell property which has been
foreclosed on and continue the collection effort on the remaining loan
receivable still on the Partnership books.

Item 8: Financial Statements and Supplementary Data

Information required by this item is included under Item 14: Exhibits,
financial statement schedules and reports on Form 8-K and is incorporated herein
by reference.

Item 9: Disagreements with Accountants on Accounting and Financial Disclosure


None.


Part III

Item 10: Directors and Executive Officers of the Registrant.

The Partnership is managed by the general partner, Robert Y. Strom and by the
corporate general partner, Mortgage BancFund Corp.   Mr. Strom is the
managing officer for the corporation.  Sharon Wilhelm is Vice President and
Manager of Investor Services.

Item 11: Executive Compensation

The Partnership has no salary compensation. However, the Partnership can pay
certain fees to management described as follows (it should be noted that
other than reimbursement for out of pocket expenses to operate the Partnership,
no other fees are being collected by the general partners):

(a)       Loan Origination and Commitment Fee - As compensation for originating
mortgage investments the general partners receive  a loan origination and
commitment fee not to exceed 2 1/2% of   the maximum amount of the
Partnership's investment commitment, to be paid by the borrower.

With regard to those portions of loans sold to participants banks, pension
funds, etc.), loan origination and commitment fees retained by the Partnership
will be shared equally between the general partners and the Partnership.

(b)   Mortgage Servicing Fee - The Partnership pays the general partners a
quarterly servicing fee of 1/4 of 1% per annum of  the maximum amount of the
Partnership's investment commitment   in mortgage loans. Due to the depressed
condition of the loan  portfolio, the general partners have been waiving
collection   and accrual of this fee to the benefit of the Partnership since
fiscal 1992 through fiscal 1994.

(c)   Loan Extension Fee - The general partner can collect an amount  equal
to 1% of the Partnership' s investment in loans for  extensions of up to six
months and up to a maximum of 2 1/2%  for extensions beyond six months. Loan
extension fees on  loans sold to participants will be shared equally with the
Partnership.

(d)   Other Fees - The Partnership agreement provides for other fees such as
property management, rent up, leasing and releasing fees, and real estate
brokerage commissions.

(e)  Cash from Operations - The general partners can receive 5% of the cash
from operations until all limited partners have received, for the particular
quarter, a return on their contributions equal to the weighted average prime
rate of interest at Security Pacific National Bank for the applicable period
and, thereafter, 10% of cash from operations. For fiscal 1997 the general
partner's have not received any cash under this provision.

(f)  Income and Losses Income and loss will be credited or charged to the
partners in relation to their respective Partnership interest, both for limited
partners and the general partners.

(g) Operating Expenses - The general partners will be reimbursed by the
Partnership, without limitation, for all out-of-pocket general and
administrative expenses of the Partnership, accounting and audit fees, legal
fees and expenses, postage and preparation of reports to limited partners.

Item 12: Security ownership of Certain Beneficial Owners and Management

The general partners are to own a combined total of 1% of the Partnership
including a 1% portion of income and losses.


Item 13: Certain Relationships and Related Transactions

The Partnership does not make mortgage investments with any of the general
partners or affiliates of the general partners. Other related transactions are
referred to in Item 11 above.


Part IV

Item: 14:  Exhibits, Financial Statement Schedules and Reports on Form 8-K

(a)  The following documents are filed as a part of the report

	1.	Unaudited financial statements
		a.  Balance Sheets
		b.  Income Statements
		c.  Statements of Partner's Equity
		d.  Statements of Cash Flows
	2.	Financial statement schedules:
		None.

(b)  Reports on Form 8-K

	None



SIGNATURES


Pursuant to the requirements of Section 13 or 15(d) 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.

The Mortgage BancFund of America
(a California Limited Partnership)

______________________________
Robert Y./Strom
General Partner
Date:____________

Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been signed below by the following persons on behalf of the
registrant and in the capacities and on the dates indicated.

By:	Mortgage BancFund Corporation,
	a California Corporation
	General Partner of the Registrant

	By:____________________________
		Robert Y. Strom, President
	Date:___________________________

By:	_______________________________
	Robert Y. Strom, General Partner,
	Chief Executive Officer, Chief Financial
	Officer and Chief Accounting Officer of
	Registrant, and President and Director of
	Mortgage BancFund Corporation

	Date:___________________________

THE MORTGAGE BANCFUND OF AMERICA
(a California Limited Partnership)
CONSOLIDATED BALANCE SHEETS
(Unaudited)

ASSETS                             Dec 31, 1998         Dec 31, 1999
Cash                                    204,047               58,314
Loans receivable (Note 1)                58,118              309,093
Accounts receivable (Note 2)                  0                    0
Other real estate owned (Note 3)      1,178,780            1,142,858
Other assets                            122,709               16,759
   Total Assets                       1,563,654            1,527,024

LIABILITIES & PARTNER'S EQUITY
Liabilities
 Accounts payable                       160,829              261,980
 Notes payable (Note 4)               1,207,751            1,188,519
   Total liabilities                  1,368,580            1,450,499
Minority interest                      (165,350)            (172,652)
Partner's equity                        360,424              249,177
Total liabilities & partner's equity  1,563,654            1,527,024
Book value per limited partner
unit outstanding                           4.14                 2.86


CONSOLIDATED INCOME STATEMENTS
For the Twelve Months Ended

                             12/31/96   12/31/97   12/31/98   12/31/99
                            Unaudited  Unaudited  Unaudited  Unaudited
REVENUES:
Interest
Loans                          26,737     16,553     13,898      2,908
Investments                         0     10,650      1,305      7,520
Total Interest                 26,737     27,203     15,203     10,428
Other Income                  157,114          0    228,449      3,194
Total Income                  183,851     27,203    243,652     13,622

COSTS & EXPENSES:
Cost of loans                       0      9,500      8,621      1,318
General & admin. costs        222,253    127,723    113,407    123,551
Interest Expense              (69,269)         0          0          0
Loss on Disposal of Assets    879,437          0          0          0
Total costs & expenses      1,032,421    137,223    122,028    124,869
Net Loss                     (848,570)  (110,020)   121,624   (111,247)
Net loss per partnership
unit outstanding                (6.88)     (9.74)     (1.26)      1.27
Partnership units outstanding  87,087     87,087     87,087     87,087


THE MORTGAGE BANCFUND OF AMERICA
(a California Limited Partnership)
CONSOLIDATED STATEMENTS OF PARTNER'S EQUITY
(Unaudited)

                                         General     Limited
                                         Partner     Partner       Total

Balance December 31, 1997               (328,498)    567,298     238,800
Allocation of net loss                     6,081     115,543     121,624
Balance, December 31, 1998              (322,417)    682,841     360,424
Allocation of net loss                    (5,682)   (105,565)   (111,247)
Balance, December 31, 1999              (328,099)    577,276     249,177

CONSOLIDATED STATEMENTS OF CASH FLOW
For the Twelve Months Ended

CASH FLOWS FROM OPERATING ACTIVITIES:       Dec. 31, 1998   Dec. 31,1999
Net (loss)                                        121,624       (111,247)
Gain on Disposal of real estate owned            (288,172)             0
Adjustments to reconcile net income to cash
provided by operating activities:
   (Decrease) increase in accounts payable        (11,541)       101,153
   (Increase) in accounts receivable                    0              0
   (Decrease) increase in due to general partner        0              0
   (Increase) Decrease in other assets                  0        105,948
NET CASH PROVIDED (USED) IN INVESTING ACTIVITIES (178,089)        95,854

CASH FLOW FROM INVESTING ACTIVITIES:
Net change in loan receivable                      60,073       (250,975)
Decrease in minority interest                      (7,970)        (7,302)
Proceeds from Disposal of real estate owned       201,000              0
Net change in other real estate owned                   0         35,922
NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES  253,103       (222,355)

CASH FLOWS FROM FINANCING ACTIVITIES:
  Increase (Decrease) in notes payable                  0        (19,232)
NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES        0        (19,232)

NET INCREASE (DECREASE) IN CASH                    75,014       (145,733)
Cash, Beginning of period                         129,033        204,047
Cash, End of period                               204,047         58,314


MORTGAGE BANCFUND OF AMERICA
(a California Limited Partnership)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

Note 1 - Loans Receivable
Loans receivable are carried at the unpaid principal balance net of unearned
loan fees.  Points and other loan fees are deferred over the life of the loan.
In management's opinion the book value of these loans is  equal to
the estimated net realizable value.

Note 2 - Accounts Receivable
This account represents funds owed to the Partnership from affiliate
partnerships, and projects which were acquired through foreclosure.

Note 3 - Other Real Estate Owned
All real estate owned by the Partnership, which was acquired through fore-
closure was disposed of during 1996. The account also included properties
which are owned by the majority-owned limited partnership, 35% of which was
sold during 1999.

A condensed balance sheet of the majority owned partnership follows:
CONDENSED BALANCE SHEET, unaudited, at December 31, 1999:

Assets:                                     DEC 31,1998  DEC 31, 1999
Cash and other assets                            65,253        32,259
Real estate, net of depreciation              1,178,780     1,142,858
Total assets                                  1,244,033     1,175,117

Liabilities and Partner's Equity:
Accounts payable                                 30,385        18,419
Notes payable                                 1,195,786     1,188,519
Due to affiliates                              (143,165)     (143,165)
Partner's equity                                161,027       111,344
Total liabilities & partners equity           1,244,033     1,175,117

Note 4 - Notes Payable
Account represents debt directly owed to commercial banks by the partnership.
Funds borrowed were used to develop property acquired through foreclosure.
Account also represents amounts owed by majority owned limited partnerships on
real estate owned.

Accounting Policy
The consolidated financial statements include the accounts of the partnership
and majority-controlled limited partnerships.  All material intercompany
transactions, profits and balances have been eliminated.  All adjustments made
to the financial statements are of normal recurring nature necessary to present
fairly the financial condition of the partnership.

Supplemental Disclosure of Cash Flows

Proceeds from disposal of real estate owned      Dec. 31, 1998
Change in Note Payable                              668,261
Change in other real estate owned                  (581,089)
  Proceeds from sale of real estate                 201,000
  Net gain on disposal of real estate               288,172