According to the Federal Housing Finance Agency (FHFA), Fannie Mae and Freddie Mac completed 19 percent fewer foreclosure-prevention actions last year compared to 2011 as the number of troubled borrowers declined. The two government-sponsored enterprises completed 541,219 foreclosure prevention actions last year versus 665,820 a year earlier. Fannie- and Freddie-backed loans that were at least 60 days delinquent dipped to 1.1 million in the last three months of 2012 from 1.3 million during the comparable period of 2011. Analysts hailed the FHFA report as further proof that ongoing low interest rates and an improving job market have been bolstering the residential real estate market. Mike Fratantoni, vice president of research and economics at the Mortgage Bankers Association, stated, "With fewer borrowers falling behind, there are fewer loans in need of modifications."