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 June 30, 1999

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 DRIVE, SUITE 255, IRVINE, CALIFORNIA  92612-1323
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

June 30, 1999

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 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 per
limited Partnership unit to a value of $3.45 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 $3.45; a 52%
increase in value from 1997.  Management is of the opinion losses will
continue.  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.


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, 1998   June 30,1999
Cash                                           $  204,047     $  136,649
Loans receivable (Note 1)                          58,118         32,149
Accounts receivable (Note 2)                            0              0
Other real estate owned (Note 3)                1,178,780      1,161,876
Other assets                                      122,709        162,928
     Total Assets                              $1,563,654      1,493,602

LIABILITIES & PARTNER'S EQUITY
Liabilities
  Accounts payable                                160,829        164,866
  Notes payable (Note 4)                        1,207,751      1,198,712
     Total liabilities                          1,368,580      1,363,578
Minority interest                                (165,350)      (170,205)
Partner's equity                                  360,424        300,229
    Total liabilities & partner's equity       $1,563,654      1,493,602

Book value per limited partner unit
outstanding                                    $     4.14      $    3.45


                                            CONSOLIDATED INCOME STATEMENTS
                                            For the Six Months Ended

                                6/30/98    6/30/98      6/30/99    6/30/99
                              Three Months Six Months Three Months Six Months

REVENUES:
Interest:
Loans                             6,179      8,321            0      2,908
Investments                         137        492        2,440      7,440
Total interest                    6,316      8,813        2,440     10,348

Net partnership income (loss)   (15,296)       367       (5,473)    (3,184)
Other income                     18,982     19,057          100        500
Total income                     10,002     28,237       (2,933)     7,664

COSTS & EXPENSES:
Costs of loans                    4,396      5,275            0        693
General & administrative costs   30,312     48,450       17,490     67,166
Total costs & expenses           34,708     53,725       17,490     67,859
NET LOSS                        (24,706)   (25,288)     (20,423)   (60,195)

Net loss per partnership unit      (.28)      (.29)        (.24)      (.46)
outstanding
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                     (3,010)       (57,185)   (60,195)
Balance, June 30, 1999           $       (325,427) $     625,656 $  300,229


CONSOLIDATED STATEMENTS OF CASH FLOW
For the Six Months Ended

CASH FLOWS FROM OPERATING ACTIVITIES:             6/30/98       6/30/99
Net (loss)                                    $   (25,488)   $  (60,195)


Adjustments to reconcile net income to cash
  provided by operating activities:
  (Decrease) increase in accounts payable           4,521         4,037
  (Increase) in accounts receivable                     0             0
  (Decrease) increase in due to general partner         0             0
  (Decrease) increase in minority interest            559        (4,855)
  (Increase) decrease in other liabilities              0             0
  Decrease (increase) in other assets            (115,915)      (40,219)
NET CASH PROVIDED (USED) BY OPERATING ACTIVITI   (136,323)     (101,232)

CASH FLOW FROM INVESTING ACTIVITIES:
Net change in loans receivable                     31,362        25,969
Net change in other real estate owned              29,639        16,904
NET CASH PROVIDED (USED) BY FINANCING ACTIVITI     61,001        42,873

CASH FLOWS FROM FINANCING Activities
Increase(Decrease) in notes payable                (7,364)       (9,039)
NET CASH PROVIDED (USED) BY FINANCING ACTIVITI     (7,364)       (9,039)

NET INCREASE(DECREASE) IN CASH                    (82,686)      (67,398)
CASH, Beginning of period                         129,033       204,047
CASH, End of Period                            $   46,347  $    136,649

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 June 30, 1999
Assets:
Cash and other assets                               56,087
Real estate                                      1,161,876
Total assets                                    $1,217,963

Liabilities and Partner's Equity:
Accounts payable                                    30,384
Notes payable                                    1,186,747
Due to affiliates                                 (139,007)
Partner's equity                                   139,839
Total liabilities & partner's equity            $1,217,963

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
partnerships 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.