The volume of loans generated through the Federal Home Loan Banks’ Mortgage Partnership Finance program continued to drop precipitously during the second quarter of 2005, but officials at the FHLBank of Chicago maintain that the program provides a valuable service for members. According to data released this week by the Chicago FHLBank, the volume of MPF loans funded during the recent period amounted to $1.9 billion. That represents a 34.5 percent decline from the $2.9…