New production of mortgage-backed securities fell 37.5 percent from June to July, totaling just $85.48 billion for the month, according to the Inside Mortgage Finance MBS Database. That was the lowest monthly issuance total since February 2001, the beginning of a two-and-a-half year surge that culminated in October 2003, when a record $283.06 billion of... [Includes one chart and one graph]