Mortgage Interest Rate Reduction Act of 1983

[AI summary unavailable — showing source text] Mortgage Interest Rate Reduction Act of 1983 - Amends the Internal Revenue Code to exclude from the gross income of qualified lenders 25 percent of the interest received on certain mortgage loans. Requires that the effective rate of interest on such financing not exceed 90 percent of the prevailing conventional mortgage rate. Specifies that such exclusion is not limited to the lender who originated the loan. Provides that, for purposes of the bad debt deduction for commercial banks, qualified mortgage loans shall be included in computing the percentage of outstanding loans.…