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, 2000

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

2402 Michelson, Suite 255, Irvine, CA  92612-1323
ADDRESS OF PRINCIPAL EXECUTIVE OFFICES(ZIP CODE)

(949) 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, 2000

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


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

(Unaudited)


ASSETS                                      Dec. 31, 1999 March 31, 2000
Cash                                           $   58,314         19,642
Loans receivable (Note 1)                         309,093        246,863
Accounts receivable (Note 2)                            0              0
Other real estate owned (Note 3)                1,142,858      1,137,445
Other assets                                       16,759         15,819
     Total Assets                              $1,527,024      1,419,769

LIABILITIES & PARTNER'S EQUITY
Liabilities
  Accounts payable                                261,980        205,417
  Notes payable (Note 4)                        1,188,519      1,186,350
     Total liabilities                          1,450,499      1,391,767
Minority interest                                (172,652)      (179,558)
Partner's equity                                  249,177        207,560
    Total liabilities & partner's equity       $1,527,024      1,419,769

Book value per limited partner unit
outstanding                                    $     2.86      $    2.38


                                            CONSOLIDATED INCOME STATEMENTS
                                            For the Three Months Ended

                                                  3/31/99        3/31/00
                                                Unaudited      Unaudited

REVENUES:
Interest:
Loans                                             $ 2,908      $       0
Investments                                         5,000              0
Total interest                                      7,908              0

Net partnership income (loss)                       2,589         (4,526)
Other income                                          100            200
Total income                                       10,597         (4,326)

COSTS & EXPENSES:
Costs of loans                                        693              0
General & administrative costs                     49,676         37,290
Total costs & expenses                             50,369         37,290
NET LOSS                                          (39,772)       (41,616)

Net loss per partnership unit                       (0.46)         (0.48)
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, 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
Allocation of net loss                     (2,081)       (39,536)    (41,617)
Balance, March 31, 2000           $      (330,180) $     537,740 $   207,560


CONSOLIDATED STATEMENTS OF CASH FLOW
For the Three Months Ended

CASH FLOWS FROM OPERATING ACTIVITIES:             3/31/99       3/31/00
Net (loss)                                    $   (39,772)    $ (41,617)


Adjustments to reconcile net income to cash
  provided by operating activities:
  (Decrease) increase in accounts payable               0       (56,563)
  (Increase) in accounts receivable                     0             0
  (Decrease) increase in due to general partne          0             0
  (Decrease) increase in minority interest          3,951        (6,904)
  (Increase) decrease in other liabilities              0             0
  Decrease (increase) in other assets             100,939           940
NET CASH PROVIDED (USED) BY OPERATING ACTIVITI     65,118      (104,144)

CASH FLOW FROM INVESTING ACTIVITIES:
Net change in loans receivable                    (17,305)       62,230
Net change in other real estate owned               8,452         5,413
NET CASH PROVIDED (USED) BY FINANCING ACTIVITI     (8,853)       67,643

CASH FLOWS FROM FINANCING Activities
Increase(Decrease) in notes payable                (3,036)       (2,171)
NET CASH PROVIDED (USED) BY FINANCING ACTIVITI     (3,036)       (2,171)

NET INCREASE(DECREASE) IN CASH                     53,229       (38,672)

CASH, Beginning of period                         204,047        58,314
CASH, End of Period                            $  257,276  $     19,642

THE 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
foreclosure, was disposed of during 1996. The Account also includes
properties which are owned by the majority-owned limited partnership.

A condensed balance sheet of the majority owned partnership follows:

CONDENSED BALANCE SHEET, unaudited, at March 31, 2000
Assets:
Cash and other assets                               62,315
Real estate                                      1,137,445
Total assets                                    $1,199,760

Liabilities and Partner's Equity:
Accounts payable                                    18,419
Notes payable                                    1,186,350
Due to affiliates                                 (142,515)
Partner's equity                                   137,506
Total liabilities & partner's equity            $1,199,760

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 the majority owned limited partnership
on real estate owned.

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.

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 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, neither debt nor equity.

The capital account eroded by over 97% of the original $100.00 cost per
limited Partnership unit to a value of $2.38 per Partnership unit outstanding.
This is due to losses experienced over the past several years.

Results of Operations:
During 1998, the majority owned partnership sold 35% of its primary asset, a
commercial property.  A gain of approximately $200,000 resulted.  Due to this,
book value per Partnership unit outstanding increased to $4.14; a 52%
increase in value from 1997.  Management is of the opinion losses will
continue. To date the liquidation of 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.

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
None

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 requirments 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