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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I have to give a shout-out to Ray Schmitz, an associate broker at Coldwell Banker Previews International in New York City. A week ago last Monday, when several employees of Bear Stearns were leaving the building with cartons and plants, Schmitz was standing outside the building, handing out his business card.
An awful lot of people were on the phone to their mortgage brokers last week--according to the Mortgage Bankers Association’s Weekly Applications Survey. Application volume increased 48 percent from the week before, but before you go calling an end to the housing downturn, there’s something you should know:
I’ve been reporting on the new proposals from House Financial Services Committee Chairman Barney Frank that he put forth in a news conference this morning. A lot of it is very complicated and has to do tighter regulations of capital markets and investment banks.
So instead of holding reform over their heads, the government finally let up and gave Fannie and Freddie a break on their capital requirements--which were above the norm as a punishment for previous accounting “issues.”
I’m working on a story for TV today about which builders are in the deepest doo-doo after the Commerce Dept. reports single family permits down 6.2 percent in January. Permits are down 30 percent since the August credit freeze and down 57 percent from their peak in September of 2005.
You have to ask the question: can the up-‘til-now untouchable Manhattan real estate market survive under the weight of Wall Street’s banking implosion? With all those Bear Stearns folks suddenly seeing their stock-based bonuses disintegrate into nothing and credit and capital fleeing the building at an alarming rate, are those priciest of pricey pads going to be able to hold their value?
I’m at the point now where I honestly can’t keep track of all the foreclosure fix proposals out there right now. Today we got a few more. One is from the National Community Reinvestment Coalition, which, in what it calls a “market-driven plan,” wants the government to buy loan pools at a discount and then sell those same loans back to Wall Street...
As home prices continue to fall and foreclosed properties flood the marketplace, a lot of folks are wondering if now is the time to get in on the good deals. I realize there will be many, many differing opinions on this, but I thought I’d offer just a few:
A memo from the House Committee on Oversight and Government Reform states that in the last two quarters of 2007, Citigroup, Merrill Lynch and Countrywide Financial combined lost more than 20 billion dollars, thanks to the subprime mortgage meltdown. ...But CEO windfalls are a fact of life.