UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.

FORM 10-Q
(Mark One)
[X]	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES 
	EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1997

OR

[  ]	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES 
	EXCHANGE ACT OF 1934

For the transition period from                                      to

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 INCORPORATION		IRS EMPLOYER IDENTIFICATION NUMBER

2 Corporate Park, Ste. 106, Irvine, CA  92606
ADDRESS OF PRINCIPAL EXECUTIVE OFFICES(ZIP CODE) 

(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

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_______

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY

PROCEEDINGS DURING THE PRECEDING FIVE YEARS:

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 
subsequent to the distribution of securities under a plan confirmed by a court.
N/A

         YES    								NO_______

APPLICABLE ONLY CORPORATE ISSUERS:

Indicate the number of shares outstanding of each of the issuer's classes of 
common stock, as of the latest practicable date.  N/A


MORTGAGE BANCFUND OF AMERICA
(a California Limited Partnership)

Index to Form 10-Q

March 31, 1997

Part I - Financial Information

Item 1 - Consolidated Financial Statements

Item 2 - Management's Discussion and Analysis of Financial Condition and Results
of Operations

Part II - Other Information

Item 1 - Legal Proceedings

Item 2 - Changes in Securities

Item 3 - Defaults Upon Senior Securities

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

Item 5 - Other Information

Item 6 - Exhibits and Reports on Form 8-K

Signatures


MORTGAGE BANCFUND OF AMERICA
(a California Limited Partnership)

Part I - Financial Information

Item 1 - Consolidated Financial Statements

  Consolidated Balance Sheets
  Consolidated Income Statements
  Consolidated Statements of Partner's Equity
  Consolidated Statements of Cash Flow
  Notes to Consolidated Financial Statements

	See attached exhibit


MORTGAGE BANCFUND OF AMERICA
(a California Limited Partnership)

Item 2 - Management's Discussion and Analysis of Financial Condition and 
Results of Operations

Liquidity and Capital Resources:
Liquidity for the Partnership remains a pressing concern for management.  All 
cash needed for operations is being generated through operations of foreclosed 
properties and from the sale of those properties.  Management has no plans to 
seek additional sources of capital from outside sources either in the form of 
debt or equity.  However, management is confident cash generated from operations
is sufficient to operate the Partnership in the future.

The capital accounts continued to decline for the quarter ended 
March 31, 1997 due to a loss recorded of $56,258. Book value per limited partner
unit outstanding is reported at $13.10; a decline of almost 87% since the 
inception of the Partnership.

Results of Operations:
There are no substantial changes in any of the accounts since December 31, 1996.
Operations are very limited as management is seeking to market the foreclosed 
real estate and to collect the remaining loans on the Partnership books.  
Management will continue to strive to effectively sell foreclosed properties 
although the sagging California economy remains a formidable obstacle to that 
goal.  Management is not seeking any additional investments other than any 
required to ultimately liquidate property acquired through foreclosure.



MORTGAGE BANCFUND OF AMERICA
(a California Limited Partnership)

Part II - Other Information

Item 1 - Legal Proceedings

None.

Item 2 - Changes in Securities

None.

Item 3 - Defaults Upon Senior Securities

N/A

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

None.

Item 5 - Other Information

None.

Item 6 - Exhibits and Reports on Form 8-K

None.


MORTGAGE BANCFUND OF AMERICA
(a California Limited Partnership)

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.

MORTGAGE BANCFUND OF AMERICA
(a California Limited Partnership)
Registrant


________________________________				_________________________
Robert Y. Strom, General Partner						Date 


                                              
THE MORTGAGE BANCFUND OF AMERICA
(a California LImited Partnership) 
CONSOLIDATED BALANCE SHEETS 
                                                                        
(Unaudited) 
 
 
ASSETS                                      Dec. 31, 1996 March 31, 1997 
Cash                                           $  145,904        157,426 
Loans receivable (Note 1)                         191,567        166,397 
Accounts receivable (Note 2)                        (6237) 
Other real estate owned (Note 3)                 1,932,07      1,917,258 
Other assets                                          180            132
     Total Assets                              $2,263,491      2,241,213 
 
LIABILITIES & PARTNER'S EQUITY 
Liabilities 
  Accounts payable                                234,229         60,204 
  Due to affiliates                                              142,409
  Notes payable (Note 4)                        1,680,442      1,887,976 
     Total liabilities                          6,380,021      2,090,589 
Minority interest                                               (148,394) 
Partner's equity                                  348,820        299,018 
    Total liabilities & partner's equity       $2,263,491      2,241,213 
 
Book value per limited partner unit
outstanding                                    $     4.01      $    3.43 
 
 
                                            CONSOLIDATED INCOME STATEMENTS 
                                            For the Three Months Ended 
 
                                                  3/31/96        3/31/97
                                                Unaudited      Unaudited  
 
REVENUES: 
Interest: 
Loans                                             $ 6,579      $   5,466 
Investments                                     
Total interest                                      6,579          5,466
 
Net partnership income (loss)                           0        (11,026)
Other income                                           75            250 
Total income                                      277,275         (5,310) 
 
COSTS & EXPENSES: 
Costs of loans                                      4,628          2,552 
General & administrative costs                     58,284         41,940 
Total costs & expenses                             62,912         44,492 
NET LOSS                                          (56,258)       (49,802) 
 
Net loss per partnership unit                       (0.65)         (0.57)
outstanding
Partnership units outstanding                      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, 1995        $      (280,568) $   1,477,958 $1,197,390 
Allocation of net loss                    (42,429)      (806,142   (848,570) 
Balance, December 31, 1996               (322,997)       671,817    348,820 
Allocation of net loss                     (2,490)       (47,312)   (49,802) 
Balance, March 31, 1997           $      (325,487) $     624,505 $  299,018 
 
 
CONSOLIDATED STATEMENTS OF CASH FLOW 
For the Three Months Ended 
 
CASH FLOWS FROM OPERATING ACTIVITIES:             3/31/96       3/31/97 
Net (loss)                                    $   (56,258)   $  (49,802) 
  
 
Adjustments to reconcile net income to cash 
  provided by operating activities: 
  (Decrease) increase in accounts payable        (131,605)    (174,025) 
  (Increase) in accounts receivable                60,838       (6,237) 
  (Decrease) increase in due to general partne    (89,467)     142,409 
  (Decrease) increase in minority interest         (6,261)    (148,394) 
  (Increase) decrease in other liabilities             
  Decrease (increase) in other assets                 134           47 
NET CASH PROVIDED (USED) BY OPERATING ACTIVITI    (43,685)    (236,002) 
 
CASH FLOW FROM INVESTING ACTIVITIES: 
Net change in loans receivable                    (23,280)      25,170 
Net change in other real estate owned              51,519       14,820   
NET CASH PROVIDED (USED) BY FINANCING ACTIVITI     28,239       39,990 
 
CASH FLOWS FROM FINANCING Activities 
Increase(Decrease) in notes payable                (1,888)     207,534 
NET CASH PROVIDED (USED) BY FINANCING ACTIVITI     (1,888)     207,534 
 
NET INCREASE(DECREASE) IN CASH                    (17,335)     (11,522) 
CASH, Beginning of period                          24,090      145,904 
CASH, End of Period                            $    6,755  $   157,426 
 
THE MORTGAGE BANCFUND OF AMERICA 
(a California LImited Partnership) 
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 
(Unaudited) 
 
Note 1 - Loans Receivable 
Loans recievable 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 esimtated
net realizable value. 
 
Note 2 - Accounts Receivable 
This account represents funds owed to the Partnership from affiliate 
partnerships, and projects which were acquired thorugh foreclosure. 
 
Note 3 - Other Real Estate Owned 
This account represents properties owned by the partnerhsip which was acquired 
through foreclosure and which are owned by the majority-owned limited 
partnerships. 

A condensed balance sheet of the majority owned partnership follows: 
 
CONDENSED BALANCE SHEET, unaudited, at March 31, 1997 
Assets: 
Cash and other assets                               33,657 
Real estate                                      1,917,258 
Total assets                                    $1,950,914 
 
Liabilities and Partner's Equity: 
Accounts payable                                  (120,057) 
Notes payable                                    1,887,976 
Due to affiliates                               
Partner's equity                                   182,995
Total liabilities & partner's equity            $1,950,914 
 
Note 4 - Notes Payable 
Account represents debt owed by the majority owed limited partnerships on 
real estate owed. 
 
Note 5  - 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 a normal recurring nature necessary to 
present fairly the financial condition of the Partnership.