Housing

Celebrity Strategic Defaults!

The rapper who (serendipitously) calls himself Chamillionaire says he made a business decision to let the bank foreclose on a Houston house that he bought for $2 million.

He told TMZ:

I have multiple mortgages. This house actually was my most expensive mortgage. ... When the market went down, the house went down too and it was just worth nothing. ... I just decided to let it go, give it back to the bank. It wasn't a situation where they came and took it from me . I felt like i didn't want to pay that much money a month for a house I'm never at. ... I just didn't feel like it was a good investment. ...

For more on foreclosure: Read our post on the growing number of homes in reposession, and listen to our podcast on strategic defaults.

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