Washtenaw Group Inc (TWHR) SEC Filing 10-Q Quarterly report for the period ending Thursday, March 31, 2005

Exhibit 99

Contacts:

           The Washtenaw Group, Inc. - Howard Nathan — P:800 242-6698

           Marcotte Financial Relations - Mike Marcotte — P:248 656-3873

                ANN, ARBOR, Mich., May 6, 2005 —

                Washtenaw Mortgage Company, one of the nation’s leading wholesale mortgage companies, originates, acquires, sells and services mortgage loans. The Company is headquartered in Ann Arbor, Michigan, and conducts business through some 2,000 mortgage brokers in approximately 40 states.

                Mortgage-origination volume for the first quarter of 2005 was $169 million, off 57% from year-earlier volume of $394 million, reflecting rising interest rates and the industry-wide downturn in mortgage-refinance activity. Aided by across-the-board cost-cutting steps, the company reduced the net loss to $1.67 million, or $0.37 per diluted share, from $3.10 million, or $0.69 per diluted share, for the first quarter of 2004.

Net interest income improved 85%, reflecting the credit received for custodial deposits maintained at the warehouse lender. Noninterest income was down 61% due to a substantial decrease in gains from the sale of loans and mortgage-servicing rights. Operating expenses were successfully reduced by 48%, including a 36% dip in compensation and employee benefits. Headcount has been reduced to 138 from 215 a year ago. Results for the quarter were aided by a $51,541 credit for a valuation adjustment to the mortgage-servicing-rights portfolio. This adjustment was a charge of $2,902,314 for the first quarter of 2004.

Mr. Huffman said, “We are doing everything possible to generate mortgage volume and reduce operating expenses. We have introduced many of the newest mortgage products, such as zero-down, interest-only and Alt. A. In fact, we are expanding the criteria for Alt. A. mortgages to cast a wider net and attract additional borrowers. We are well positioned from product, personnel and technology standpoints to take advantage of any up-tick in business activity.

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