Diana Olick is an Emmy Award-winning journalist, currently serving as CNBC's real estate correspondent as well as the author of the Realty Check section on CNBC.com. She also contributes her real estate expertise to NBC's "Today" and "NBC Nightly News with Brian Williams."
Prior to joining CNBC in 2002, Olick spent seven years as a correspondent for CBS News.
Olick began her career as a local news reporter at WABI-TV in Bangor, Maine; WZZM-TV in Grand Rapids, Mich.; and KIRO-TV in Seattle. She joined CBS in 1994 as a New York-based correspondent for the "CBS Evening News with Dan Rather" and "The Early Show." She also contributed pieces to "48 Hours" and "Sunday Morning." During that time, she covered such stories as the World Trade Center conspiracy trial and the Boston abortion clinic shooting.
In 1995, Olick was assigned to cover the Midwest as a Dallas bureau correspondent. In the three years she was there, she covered all forms of natural disaster, including the crash of TWA Flight 800, the JonBenet Ramsey murder mystery and was the exclusive correspondent for the trial of Oklahoma City bomber Terry Nichols. During that time, she also took a temporary assignment in CBS' Moscow bureau, where she chronicled the brief presidential campaign of Mikhail Gorbachev.
In 1998, Olick was reassigned to the New York bureau and then immediately posted to Bahrain for the buildup to a possible second Gulf War. A year later, she went to Albania to cover the U.S. military buildup during the conflict in Kosovo.
Upon her return, Olick was reassigned to CBS' Washington bureau and the Capitol Hill beat. During Campaign 2000, Olick covered the Senate campaign of First Lady Hillary Rodham Clinton and later joined the Bush campaign as a special correspondent for "The Early Show." That fall, she was named Supreme Court correspondent; her first case was Bush v. Gore.
Olick has a B.A. in comparative literature with a minor in soviet studies from Columbia College in New York and a master's degree in journalism from Northwestern's Medill School of Journalism.
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For several months, in discussions about the various and varied loan modification programs out there, we've been noting that re-defaults are rising, but we never actually had any numbers. Today we do.
As one industry-type put it to me, we thought we were going to be seeing the light at the end of the tunnel by 2009, now we see a runaway freight train coming back at us.
It’s truly amazing to me that a lobbyist who really needs something from the government would leak just the possibility of that something to the media, when that leakage would only harm their industry. Of course, I’m talking about the Treasury proposal/possibility/plan to buy mortgage debt at a rate that would allow lenders to offer buyers a 4.5 percent interest rate on the 30-year fixed.
It should come as no surprise to anyone that mortgage applications would surge last week, after the Fed announced it would buy GSE debt and mortgage-backed securities. Interest rates on the 30-year fixed dropped nearly a full percentage point.
Given the chance to chat with several co-op owners, I asked the expected question: Will all the Wall Street layoffs really put a bullet in the island’s real estate market? The answers were mixed, some citing the still-high demand for housing in a city with relatively limited supply.
We got more bad news today about home prices from FHFA and S&P Case Shiller. All pretty much historic drops. Those price drops will result in more borrowers unable to refinance out of their loans.
Forgive me for not getting to this sooner, but every day in the housing crisis is hairier than the last. But I certainly didn’t miss the announcement last week by the Housing and Urban Development’s Hope for Homeowners program that new regulations would help more troubled borrowers get in on a newly-modified, FHA-backed loan.
I’ve been reporting on Commercial Mortgage Backed Securities today and the fact that despite relatively low rates of default on commercial loans, investors are still running for the hills. The trouble, as with everything in today’s economy, is the unknown. Investors think CMBS is the next shoe to drop.