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, 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, 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, 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


THE MORTGAGE BANCFUND OF AMERICA
(a California Limited Partnership) 
CONSOLIDATED BALANCE SHEETS 
                                                                        
(Unaudited) 
 
 
ASSETS                                      Dec. 31, 1998 March 31, 1999 
Cash                                           $  204,047        257,276 
Loans receivable (Note 1)                          58,118         75,423 
Accounts receivable (Note 2)                            0              0 
Other real estate owned (Note 3)                1,178,780      1,170,328
Other assets                                      122,709         21,768
     Total Assets                              $1,563,654      1,524,795
 
LIABILITIES & PARTNER'S EQUITY 
Liabilities 
  Accounts payable                                160,829        160,827 
  Notes payable (Note 4)                        1,207,751      1,204,715
     Total liabilities                          1,368,580      1,365,542 
Minority interest                                (165,350)      (161,399)
Partner's equity                                  360,424        320,652
    Total liabilities & partner's equity       $1,563,654      1,524,795
 
Book value per limited partner unit
outstanding                                    $     4.14      $    3.68 
 
 
                                            CONSOLIDATED INCOME STATEMENTS 
                                            For the Three Months Ended 
 
                                                  3/31/98        3/31/99
                                                Unaudited      Unaudited  
 
REVENUES: 
Interest: 
Loans                                             $ 2,142      $   2,908 
Investments                                           355          5,000
Total interest                                      2,497          7,908
 
Net partnership income (loss)                      15,663          2,589
Other income                                           75            100 
Total income                                       18,235         10,597 
 
COSTS & EXPENSES: 
Costs of loans                                        879            693 
General & administrative costs                     18,138         49,676 
Total costs & expenses                             19,017         50,369 
NET LOSS                                             (782)       (39,772) 
 
Net loss per partnership unit                       (0.01)         (0.46)
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, 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                     (1,989)       (37,783)   (39,772) 
Balance, March 31, 1999           $      (324,406) $     645,058 $  320,652
 
 
CONSOLIDATED STATEMENTS OF CASH FLOW 
For the Three Months Ended 
 
CASH FLOWS FROM OPERATING ACTIVITIES:             3/31/98       3/31/99 
Net (loss)                                    $      (782)    $ (39,772) 
  
 
Adjustments to reconcile net income to cash 
  provided by operating activities: 
  (Decrease) increase in accounts payable          (3,580)            0
  (Increase) in accounts receivable                (2,272)            0
  (Decrease) increase in due to general partne          0             0 
  (Decrease) increase in minority interest         23,888         3,951 
  (Increase) decrease in other liabilities              0             0
  Decrease (increase) in other assets            (117,396)      100,939
NET CASH PROVIDED (USED) BY OPERATING ACTIVITI   (100,142)       65,118 
 
CASH FLOW FROM INVESTING ACTIVITIES: 
Net change in loans receivable                     15,805       (17,305) 
Net change in other real estate owned              14,820         8,452   
NET CASH PROVIDED (USED) BY FINANCING ACTIVITI     30,625        (8,853) 
 
CASH FLOWS FROM FINANCING Activities 
Increase(Decrease) in notes payable                (2,920)        (3,036) 
NET CASH PROVIDED (USED) BY FINANCING ACTIVITI     (2,920)        (3,036) 
 
NET INCREASE(DECREASE) IN CASH                    (72,437)        53,229
 
CASH, Beginning of period                         129,033       204,047
CASH, End of Period                            $   56,596  $    257,276 
 
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, 1999 
Assets: 
Cash and other assets                                4,720
Real estate                                      1,221,492 
Total assets                                    $1,226,212 
 
Liabilities and Partner's Equity: 
Accounts payable                                    30,385 
Notes payable                                    1,192,750 
Due to affiliates                                 (151,340)
Partner's equity                                   154,417
Total liabilities & partner's equity            $1,226,212 
 
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 nearly 97% of the original $100.00 cost per 
limited Partnership unit to a value of $3.68 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