Fannie Mae and Freddie Mac have completed more than 1.6 million foreclosure prevention actions since the beginning of conservatorship in the fourth quarter of 2008, with more than half of these actions resulting in loan modifications. According to the Federal Housing Finance Agency (FHFA) First Quarter 2011 Foreclosure Prevention & Refinance Report, loan modifications declined for the third consecutive quarter, but resulted in deeper payment reductions for more people. Additional findings of the Report include the following: ►Total completed foreclosure prevention actions declined in the first quarter to 171,531 from 208,416 in the previous quarter driven primarily by decreases in loan modifications and repayment plans. ►The GSEs' completed loan modifications decreased to 86,201 from 119,778 during the first quarter of 2011. ►The cumulative total of refinancings through the Home Affordable Refinance Program (HARP) increased 21 percent during the quarter to approximately 752,000 loans. ►Loans modified in 2010 continued to perform substantially better compared to loans modified in earlier periods for two primary reasons: (1) Loan modifications in 2010 resulted in deeper payment reductions for a greater proportion of borrowers than in earlier periods; and (2) The majority of completed loan modifications in 2010 required successful completion of a trial period prior to permanent modification. ►Foreclosure starts declined, while completed third-party and foreclosure sales increased in the first quarter.