According to Chamillionaire’s live broadcast on Ustream last night (June 9), rumors of his financial demise have been greatly exaggerated. The Houston-based rapper known for such hits as “Ridin’ Dirty,” “Turn It Up” and “Hip-Hop Police” addressed the reports concerning his alleged lack of fiscal responsibility sparked by the recent TMZ story on his foreclosed $2 million home.

Cham recently lost his 7,583 square foot home after falling behind on several payments. Koopa disclosed in his telecast online that he decided to let the house go because it had become a bad real estate investment. He and his financial advisor went to his bank to refinance the house, but the bank would not budge. After considering surrounding circumstances such as his mother dealing with cancer and numerous medical bills associated with that and the recent birth of son, Xavier, Cham chose to let the house go to foreclosure.

“The name Xavier means ‘new house,'” Cham said. “So I took that as a sign that I was doing the right thing.”

As for the knots in his pockets, the Grammy Award-winning MC assured fans that he’s not hurting for stacks. “Me and Universal have a 50/50 deal,” Cham said. “I make what they make. My last album Ultimate Victory wasn’t as successful as my debut album but I made money because I paid everything out of my own pocket and went back to Universal and got reimbursed for that. I kept the cost low.”

The normally very private rapper also added that he has family and people that depend on him, so his concerns lean towards being more responsible with his financial choices rather than how they make him appear in the public light. “My mother has cancer and she was looking at my house and my lifestyle and was afraid to come to me about money for medical bills,” Cham said on the Madd Hatta Morning show. “And I’m like, don’t do that. Whatever bills you have come to me about it. I had to ask myself was keeping a house that was not worth all the money I’d been paying on it worth more than my mother or my son? So that’s the decision I made. I gotta make sure I make good moves.” —Maurice Bobb