The MC Hammer effect: You drop a single, spend all your money and then don’t produce anything else. Sooner or later, you wind up unable to make payments and lose all your nice toys. And even though it happened to Chamillionaire, he claims it was his choice.
In 2006, Chamillionaire paid $2 million for a mansion in Houston (his “Ridin'” money). However, he stopped making payments on it recently and it was foreclosed on. The rapper told TMZ that it was a “business decision” and not “financial negligence of anything like that.” He explained that it was a very expensive mortgage (makes sense) and that after the housing market fell apart, “the house ended up being worth nothing.” So he decided to let the bank take it back. “I just didn’t feel like it was a good business investment to keep paying that much mortgage for a house that I’m never at.”
Alright, so maybe this wasn’t a case of the MC Hammers. He made it abundantly clear in the quick interview with the obnoxious reporters that he’s not having money problems.