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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It seems like suddenly everyone is jumping on the bandwagon. First Countrywide announced a deal with Neighborhood Assistance Corp. of America (NACA) to modify loans on a case-by-case basis. Then California Gov. Arnold Schwarzenegger announced a plan with Countrywide, GMAC and others to freeze ARM interest rates on certain loans temporarily, as long as the borrower is living in the home and up-to-date on current payments.
Since I'm starting my holiday early today (I'll be back on Monday), I thought I'd provide you with an interesting take on all the Fannie and Freddie news from a good source of mine, mortgage consultant and former HUD official, Howard Glaser. What follows are this thoughts:
I guess it shouldn’t be surprising, but the numbers for Freddie Mac's third quarter losses are really phenomenal. One analyst we called this morning said, “Freddie is a disaster,” and he said we could quote him on that. I won’t, but here’s what’s so striking to me.
Today the home builders released their monthly sentiment report, which is the product of a survey by the National Association of Home Builders and Wells Fargo. The sentiment number gauges current sales conditions, future sales expectations and buyer traffic.
I’m still trying to decide what would be more fun: Repeating my morning of trying to understand the accounting changes involved in Fannie Mae’s most recent 10Q or sticking pins in my eyes. I’m starting to think the latter. So yesterday, an article in Fortune Magazine seemed to open up old wounds for Fannie.
I'm in Boston today at the headquarters of NACA (Neighborhood Assistance Corporation of America), working on a piece about their new agreement with Countrywide to modify hundreds of loans. So far Countrywide is the only major lender working with NACA to restructure loans based on the borrower's ability to pay.
The new RealtyTrac metro foreclosure report is out today, and that means I have to say a bunch of shocking numbers on TV and then get to hear from all of you that I am skewing the numbers or focusing on the wrong stats. Let’s set it straight once and for all.
We're still waiting on numbers from the National Association of Realtors that will be released this afternoon. They have decided to combine their pending home sales index with their economic forecast and release it all from their mega-convention taking place in Las Vegas today. The pending home sales index is based on contracts signed in October, but not closings.
An interesting tidbit in the quarterly guidance from Toll Brothers this week: Amid all the talk of rising cancellation rates and falling orders, “The average price per unit of gross contracts signed in the fourth quarter was $646,000, compared to $667,000 in 2007’s third quarter...however, the average price of the 417 fourth-quarter cancellations in FY 2007 was a much higher $788,000 per unit.”
I didn't see the testimony of Ben Bernanke on Capitol Hill because I was on an airplane coming back from Chicago. It's probably a good thing, because I wouldn't have believed what I heard. Only now that I see it in print, in an email from the office, can I read it over and over again and force myself to accept its veracity.