Earlier this week gossip site, mediatakeout.com, reported that Atlanta rapper Diamond’s house recently went into foreclosure. XXLMag,com spoke to the former Crime Mob rapper to clear the air on her financial situation.

“It was a business decision, plain and simple,” the Jive/Battery Records artist told XXL. “I bought that house in ’02. It was a house I did live in at the time for about a year. But then I got into other rental properties and flipping my money and moved out of that house. The recession hit and the real estate market was not doing what it was supposed to do, so instead of selling it, I rented it out. Then the rental market slowed down, too. So I asked myself, ‘Should I keep this house when no one is buying it or renting it?’ If I can’t sell it, recoup my money or have anyone rent out the property, then why would I keep it? So I decided to let it go to foreclosure last year. “

“People do it all the time,” she continued. “Donald Trump does it. If a person can’t understand that, then they're stupid.”

News of the foreclosure only magnified talk about Diamond’s troubled finances sparked by the October incident in which she had her car repossessed while on the set of a video shoot.

“That car was not repossessed,” she explained. “I got into an accident with my new Porsche truck and totaled it. Eight days later, I got the Camaro to hold me over until the insurance company sorted out the accident and I figured out if I wanted to get another Porsche truck or whatever. When I bought the car, I did enough (paperwork) to drive it off the lot. There were other documents they needed to complete the sale and I was sending those over. The person in charge of the remaining documents was not at work when I sent them, so that’s how everything got mixed up. It was nothing that I did. Besides, how can the car be repossessed if I just bought it? It wasn’t due for a payment, so how can I be late enough for it to be repossessed?”

Despite rumors to the contrary, the ATL-bred MC—whose current hit, “Lotta Money,” is getting renewed attention thanks to the new remix featuring Young Dro, Dorrough, Slim Thug, Twista and Trina—assures her fans that she is not in the throes of an economic crisis.

“It’s kind of funny that this is coming out now because I let the house go to foreclosure a long time ago,” Diamond said. “I guess with the courts and it finally going on the market, all of this is just now coming out. I’ve upgraded my place of residence four times since that first house. I don’t want to say where I live now, but I want my fans to know that I own the house that I live in now.”

Diamond is set to release her new mixtape, Cocaine Waitress, on December 30. —Maurice Bobb