Washtenaw Reports 1Q Loss

The Washtenaw Group Inc., a holding company for Washtenaw Mortgage Co., a wholesaler based in Ann Arbor, Mich., has reported a net loss of approximately $1.7 million ($0.37 per share) for the first quarter, compared with a net loss of $3.1 million ($0.69 per share) a year earlier.Mortgage origination volume totaled $169 million in the first quarter, down 57% from $394 million in the first quarter of 2004. Charles C. Huffman, chairman and chief executive officer of Washtenaw, noted that the company has introduced "many of the newest mortgage products," such as zero-downpayment, interest-only, and alternative-A loans. "In fact, we are expanding the criteria for alt-A mortgages to cast a wider net and attract additional borrowers," he said. "We are well positioned from product, personnel, and technology standpoints to take advantage of any uptick in business activity."