'Strategic Default' as Explained by Rapper Chamillionaire
By now, the fantastic burst of the housing bubble is old enough news that we've all become acquainted with the notion that some otherwise law-abiding, good-hearted, all-around nice people have decided to simply stop paying their mortgages and walk away from their homes.
It's called "strategic default," and it's even got its own blog, the Strategic Default Monitor. Law professors have gone all serious and academic about the morality of strategic default, but it's interesting to hear the concept discussed on a personal level by a self-proclaimed millionaire.
Not just any millionaire, but Chamillionaire, rapper (of Ridin' (Dirty) fame), blogger, and former custom car shop owner.
Houston real estate blog Swamplot has a good summary of Chamillionaire's situation (and also some pictures from inside the $2 million mansion Chamillionaire decided to abandon), but I thought you'd rather hear it from the horse's mouth (no disrespect intended):
Lest you worry about where Chamillionaire will lay his head at night, he's made it clear that the Houston mansion was simply one of multiple homes he owned, and he's "still got all the cars."
Posted by Eric Lipman on June 17, 2010 at 03:15 PM | Permalink
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