Actually, I think this is smart on his part. I can see him using this as leverage against the banks that gave him the cash-back loans on close to let him out completely free just to not get this blown up bigger than it is.
Which of those banks are going to want their logo appearing on the screen as Katie Couric interviews little 24 yr old blonde Californian web surfer boy on the CBS evening news explaining the financial structure of 7 home purchases in four states with no job AND the banks giving him money to do it.