06/10/10 6:38pm

In a streaming-video event broadcast last night, hip-hop star Chamillionaire tried to explain the circumstances surrounding the foreclosure of his Woodlands mansion. He claims his decision to give the 7,583-sq.-ft. property in Carlton Woods back to the bank was part of an attempt to lower out-of-control expenses in light of 2 recent life-changing events: the birth of his son and learning from his mother that she has cancer:

She’s doing fine . . . and I was like . . . whatever you need, I want you to ask me. And my mom won’t ask me because she sees me with all these expenses, and . . . she doesn’t want to say anything. She wants me to live my life and have fun and buy all these cars and all this stuff and doesn’t want to burden me . . . I wasn’t cool with that. . . .

I know I spend all this money a month. You don’t know what the feeling is, spending $300 thousand . . . quick, just seeing it come out of your account. I don’t care how much money you got — you gonna be like, dang, that’s $300 thousand!

Yes: Dang!

I’m paying all kinds of stuff: multiple businesses, stuff for other people, etc. etc. So I told her, you know what, don’t worry about it. Whatever bills may come, you let me know. I’m gonna keep my bills the same. I’m just gonna cut some slack.

Next: It’s budget-cutting time in Carlton Woods!