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Mortgage loans: Record number are late - CNNMoney.com -- Mortgage borrowers are still falling behind on their payments in record numbers, despite the many foreclosure prevention efforts initiated by the government and non-profits.

In the third quarter, 9.64% of all mortgage loans were delinquent, according to a report released on Thursday by the Mortgage Bankers Association. That represents 4.5 million borrowers and is an increase from 9.24% in the prior three months.

"Despite the recession ending in mid-summer, the decline in mortgage performance continues," said Jay Brinkmann, MBA's chief economist. "Job losses continue to increase and drive up delinquencies and foreclosures because mortgages are paid with paychecks, not percentage point increases in GDP."

The delinquency rate includes all mortgage loans that are at least one payment past due but does not include loans in some stage of foreclosure.

The combined percentage of loans in foreclosure or at least one payment past due was 14.41% on a non-seasonally adjusted basis, the highest ever recorded in the MBA delinquency survey.

Stocks drop for second straight day - Stocks tumbled for the second day in a row Thursday as concerns about the economic recovery resurfaced.

The Dow Jones industrial average fell 94 points, or 0.9%, to 10,332.4. The S&P 500 sank 1.3% to end below the key 1,100 point level. The Nasdaq composite lost 36 points, or 1.6%, to close at 2,156.82.