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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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.
Sure, lower prices get buyers off the fence, as we’re seeing now in California, where dirt-cheap prices are bulking up home sales. That’s just all about getting a great deal.
I want to talk about anger. Anger may just tank the TARP. It’s everywhere, from the measly pages of my blog, to the hallowed halls of Capitol Hill. The TARP money isn’t going directly to bail out the housing market, and let’s just say a lot of folks are PO’d.
I’ve just seen the latest numbers on the recently launched government Hope for Homeowners program, and I’d call them laughable if the whole thing weren’t so blatantly sad. Hope for Homeowners was launched Oct. 1 as part of the Housing and Economic Recovery Act signed into law on July 30,2008.
So here I am on Capitol Hill covering a hearing at the House Financial Services Committee (starring Chairman Barney Frank D-MA), entitled Private Sector Cooperation with Mortgage Modifications—Ensuring That Investors, Servicers, and Lenders Provide Real Help for Troubled Homeowners.
I’m all about the help, but I have some issues (I always have some issues). Citi is targeting borrowers who are not yet delinquent but who could become delinquent due to any number of issues, like loan resets, loss of jobs or home price depreciation.
Nothing like starting off a new week with a $29 billion net loss for the nation’s largest mortgage investor. Fannie Mae is currently under government guard, with the conservatorship instituted in September, but it still apparently can’t keep its balance sheet from joining the ranks of other massive mortgage meltdowns that seem to be par for today’s course.