Chamillionaire Explains House Foreclosure
Rapper CHAMILLIONAIRE has cleared up reports he is in financial difficulty following the foreclosure of his Houston, Texas home, insisting it was his choice to have the property repossessed by bank bosses.
The Ridin' hitmaker, real name Hakeem Seriki, recently lost the $2 million (£1.3 million) mansion he purchased in 2006 after allegedly falling behind on his bank loan repayments.
But the hip-hop star claims he "decided to let that house go" because the downturn in the economy had turned the property into a bad real estate investment, reports TMZ.com.
Chamillionaire tells the website, "I was always on the road touring. I just didn't feel like it was a good business investment to pay that much mortgage for a house I was never at."
And he's adamant he's still rich, adding, "I still got all the cars."