U.S. Securities and Exchange Commission
                             Washington, D.C. 20549

                                    Form 10-Q

[ X ]   Quarterly Report Pursuant To Section 13 or 15 (d) of the
Securities Exchange Act of 1934
                    For the Quarter Ended September 30, 2005
                                       Or

[   ]   Transition Report Pursuant To Section 13 or 15 (d) of the
Securities Exchange Act of 1934
                        Commission file number  1-31795

                            The Washtenaw Group, Inc.
            (Exact name of registrant as specified in its charter)

Michigan                                                     20-0126218
(State or Other Jurisdiction of                             (IRS Employer
Incorporation or Organization)                           Identification No.)
     3767 Ranchero Drive
                            Ann Arbor, Michigan 48108
                    (Address of Principal Executive Offices)

                                  734-662-9733
              (Registrant's Telephone Number, Including Area Code)

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes [X]  No  [  ]
===

Indicate by check mark whether the registrant is an accelerated filer (as
defined in Rule 12b-2 of the Exchange Act) Yes [ ] No [X]

Indicate by check mark whether the registrant is a shell company (as defined in
Exchange Act Rule 12b-2).
Yes [   ]  No [X]

                APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
                  PROCEEDINGS DURING THE PRECEDING FIVE YEARS:

Indicate  by check mark  whether  the  registrant  has filed all  documents  and
reports  required to be filed by Sections 12, 13 or 15(d) of the  Securities
Exchange Act of 1934  subsequent  to the  distribution  of securities
under a plan confirmed by a court.  Yes [   ]   No [   ]

                      APPLICABLE ONLY TO CORPORATE ISSUERS:

Indicate the number of shares outstanding of each of the issuer's classes of
common equity, as of the latest practicable date:

Common Stock Outstanding as of October 31, 2005

Common stock, $0.01 Par value ............................ 4,488,351 Shares

<PAGE>


                                      Index

<TABLE>
<CAPTION>

<S>                                                                                                   <C>
Part I. Financial Information
     Item 1.   Financial Statements (unaudited)

         Consolidated Balance Sheets as of September 30, 2005 and December 31,
         2004                                                                                             3

         Consolidated Statements of Income and Comprehensive Income for
         the Three and Nine Months Ended September 30, 2005 and 2004                                      4


         Consolidated Statements of Cash Flows for the Nine Months Ended
         September 30, 2005 and 2004                                                                      5

         Notes to Consolidated Financial Statements                                                       6-9

     Item 2.  Management's Discussion and Analysis of Financial Condition and Results of Operations       10-14

     Item 3.  Quantitative and Qualitative Disclosures about Market Risk                                  15

   Item 4.  Controls and Procedures                                                                       15


Part II.        Other Information
     Item 1.  Legal Proceedings                                                                           15

     Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds                                 15

     Item 3.  Defaults Upon Senior Securities                                                             15

     Item 4.  Submission of Matters to a Vote of Security Holders                                         15

     Item 5.  Other Information                                                                           16-17

     Item 6.  Exhibits                                                                                    17


</TABLE>











<PAGE>


Item 1:  Financial Statements (unaudited)

                            THE WASHTENAW GROUP, INC.
                     Consolidated Balance Sheets (Unaudited)

<TABLE>
<CAPTION>


                                                                          September 30,                 December 31,
                                                                              2005                          2004
                                                                              ----                          ----
                                                                          (Unaudited)
<S>                                                              <C>                               <C>
ASSETS
  Cash and cash equivalents                                      $          100,000                  $          100,000
  Accounts Receivable, net                                               12,264,116                           7,107,462
  Loans held for sale                                                    23,431,047                          68,518,733
  Securities available for sale                                                   -                          22,234,244
  Mortgage servicing rights,net                                           4,397,106                          17,240,953
  Other real estate owned                                                   685,313                           1,589,591
  Premises and equipment, net                                             1,222,507                           1,678,252

  Other assets                                                              612,156                             835,787
                                                                ---------------------------------   ---------------------
                                                                 $       42,712,245                    $    119,305,022
                                                                =================================   =====================

LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
  Due to bank                                                    $        2,880,752                   $       6,507,279
  Notes payable                                                          17,329,869                          59,952,788
  Repurchase agreements                                                   7,920,312                          22,390,336
  GNMA Repurchase Liability                                               1,562,294                           6,465,538
  Other liabilities                                                       4,417,227                           8,000,485
                                                                ---------------------------------   ---------------------
      Total liabilities                                                  34,110,454                         103,316,426

Shareholders' equity
  Preferred Stock, $.01 par value 1,000,000 shares authorized;
  none outstanding                                                                -                                   -

  Common stock, $.01 par value 9,000,000 shares authorized;                  44,884                              44,884
  4,488,351 outstanding at September 30, 2005 and December
  31, 2004
  Additional paid-in capital                                              1,997,407                           2,006,816
  Retained earnings                                                       6,559,500                          13,797,423

  Unrealized gain on securities available for sale                                -                             139,473
                                                                ---------------------------------   ---------------------
       Total shareholders' equity                                         8,601,791                          15,988,596
                                                                ---------------------------------   ---------------------
                                                                 $       42,712,245                    $    119,305,022
                                                                =================================   =====================


</TABLE>








<PAGE>

                        THE WASHTENAW GROUP, INC.
            Consolidated Statements of Income (Unaudited)
<TABLE>
<CAPTION>



                                                                Three Months Ended                   Nine Months Ended
                                                                  September 30,                       September 30,

                                                              2005              2004             2005               2004
                                                         ---------------    -------------    --------------    ---------------
<S>                                                      <C>                <C>              <C>                <C>
Interest income                                            648,003            759,471          2,589,995          $  3,173,463

Interest expense                                           364,970            627,301          1,296,107             2,294,982
                                                         ---------------    -------------    --------------    ---------------
Net interest income                                        283,033            132,170          1,293,887               878,481


Noninterest income

   Servicing income                                      998,734            2,137,041        3,517,373         6,748,692
   Gain (loss) on sales of mortgage
     servicing rights and
        loans, net                                       (761,442)          1,628,134        (793,395)         6,252,720

   Gain on sales of securities                           -                  -                57,218            -

   Other income                                          143,617            208,630          495,354           788,970
                                                         ---------------    -------------    --------------    ---------------
      Total noninterest income                           380,908            3,973,805        3,276,550         13,790,382


Noninterest expense

   Compensation and employee benefits                    1,755,542          2,305,171        5,645,127         8,270,469

   Occupancy and equipment                               417,052            509,951          1,321,167         1,381,789

   Telephone                                             47,560             84,418           132,585           239,624

   Postage                                               82,065             103,862          225,388           364,157

   Amortization of mortgage servicing rights             750,196            2,046,115        2,669,082         5,967,051
   Mortgage servicing rights valuation adjustment and
change
        in fair value of mortgage servicing rights
hedges                                                   (498,294)          100,760          (284,433)         (940,829)
   Loss and provision for loss on loan repurchases and

        other real estate                                1,155,653          1,576,413        3,156,822         4,441,898

   Other noninterest expense                             724,206            794,978          2,605,695         2,810,348
                                                         ---------------    -------------    --------------    ---------------

      Total noninterest expense                          4,433,980          7,521,668        15,471,433           22,534,507
                                                         ---------------    -------------    --------------    ---------------



Loss before income taxes                                 (3,770,038)        (3,415,693)      (10,900,995)      (7,865,644)


Provision (benefit) for income taxes                     (1,260,112)        (1,157,723)      (3,663,072)       (2,621,094)
                                                         ---------------    -------------    --------------    ---------------

Net loss                                                  $ (2,509,926)     (2,257,970)      (7,237,924)        $ (5,244,550)
                                                         ===============    =============    ==============    ===============

Basic and diluted loss per share                         (0.56)             (0.50)           (1.61)            (1.17)
                                                         ===============    =============    ==============    ===============

Comprehensive loss                                        $ (2,509,926)     (2,257,970)      (7,377,397)        $ (5,244,550)
                                                         ===============    =============    ==============    ===============

</TABLE>



<PAGE>




                            THE WASHTENAW GROUP, INC
                Consolidated Statements of Cash Flows (Unaudited)
<TABLE>
<CAPTION>

                                                                         Nine Months Ended September 30,
                                                                         2005                       2004
                                                                -----------------------    -----------------------
<S>                                                             <C>                        <C>
Cash flows from operating activities
           Net cash provided by operating activities                      $ 28,387,378               $ 41,709,291

Cash Flows From Investing Activities:
           Proceeds from sales of securities available for
           sale                                                             22,234,244     -
           Proceeds from sales of mortgage servicing rights                  9,242,595                 13,096,226
           Other real estate owned, net                                        904,279                  (283,907)
           Property and equipment expenditures                                (49,026)                  (697,055)
                                                                -----------------------    -----------------------
                       Net cash provided by investing                       32,332,092                 12,115,265
                       activities

Cash flows from financing activities
           Decrease in due to bank                                         (3,626,527)                (4,075,144)
           Decrease in notes payable due on demand                        (42,622,919)               (13,920,934)
           Decrease in repurchase aggreements                             (14,470,024)               (35,828,478)
                                                                -----------------------    -----------------------
                       Net cash used by financing                         (60,719,470)               (53,824,556)
                       activities


Net Change in cash, cash equivalents                            -                          -
Cash and cash equivalents at beginning of period                               100,000                    100,000
                                                                -----------------------    -----------------------

Cash and cash equivalents at end of period                                  $  100,000                $   100,000
                                                                =======================    =======================

</TABLE>

<PAGE>



                                       17



                                        6
                            THE WASHTENAW GROUP, INC.
           Notes to the Consolidated Financial Statements (Unaudited)

NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation:
The unaudited consolidated financial statements as of and for the three and nine
month periods ended September 30, 2005 and 2004, include the accounts of The
Washtenaw Group, Inc. ("The Washtenaw Group") and its wholly owned subsidiary
Washtenaw Mortgage Company ("Washtenaw") for all periods. All references herein
to The Washtenaw Group include the consolidated results of its subsidiary. All
significant intercompany accounts and transactions have been eliminated in
consolidation.

Operating Segments:
Washtenaw's operations include one primary segment: mortgage banking.

Stock Compensation:
Compensation expense under stock options is reported using the intrinsic value
method. Stock-based compensation reflected in net income for the three and nine
months ended September 30, 2005 is zero as options granted had an exercise price
less than the market price of the underlying common stock at date of grant. The
following table illustrates the effect on net income and earnings per share if
expense was measured using the fair value recognition provisions of FASB
Statement No. 123, Accounting for Stock-Based Compensation.
<TABLE>
<CAPTION>

                                                                     Three Months Ended September 30,
                                                                     2005                        2004
                                                                 --------------             ---------------
<S>                                                              <C>                         <C>
Net loss as reported                                              ($2,509,926)                ($2,257,970)
 Deduct: Incremental stock-based compensation expense
     determined under fair value based method                                -                       1,140
                                                                 --------------             ---------------
  Pro forma net loss                                              ($2,509,926)                ($2,259,110)

Basic loss per share as reported                                        (0.56)                      (0.50)
Pro forma basic loss per share                                                                      (0.50)
                                                                        (0.56)

Diluted earnings (loss) per share                                       (0.56)                      (0.50)
Pro forma diluted earnings (loss) per share                             (0.56)                      (0.50)

                                                                      Nine Months Ended September 30,
                                                                     2005                        2004
                                                                 --------------             ---------------

Net loss as reported                                              ($7,237,924)                ($5,244,550)
 Deduct: Incremental stock-based compensation expense
     determined under fair value based method                                -                     (1,140)
                                                                 --------------             ---------------
  Pro forma net loss                                              ($7,237,924)                ($5,243,410)

Basic loss per share as reported                                        (1.61)                      (1.17)
Pro forma basic loss per share                                          (1.61)                      (1.17)

Diluted loss per share                                                  (1.61)                      (1.17)
Pro forma diluted loss per share                                        (1.61)                      (1.17)

</TABLE>

Due to the spin-off (see Note 3), options outstanding of Pelican Financial, Inc.
("Pelican Financial") at December 31, 2003 included 10,735 options that were
held by employees of Washtenaw. These options were cancelled during the first
quarter of 2004 and replaced with 21,470 options on stock of The Washtenaw Group
at an exercise price of $3.25. These options were granted with an intrinsic
value (market value per share, less option exercise price) substantially equal
to the intrinsic value of the cancelled Pelican Financial options.

<PAGE>

                           THE WASHTENAW GROUP, INC.
             Notes to the Consolidated Financial Statements (Unaudited)

NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES (continued)

FAS 123, Revised, requires companies to record compensation cost for stock
options provided to employees in return for employment service. The cost is
measured at the fair value of the options when granted, and this cost is
expensed over the employment service period, which is normally the vesting
period of the options. This will apply to awards granted or modified in fiscal
year beginning in 2006. Compensation cost will also be recorded for prior option
grants that vest after the date of adoption. The effect on results of operations
will depend on the level of future option grants and the calculation of the fair
value of the options granted at such future date, as well as the vesting periods
provided, and so cannot currently be predicted. All existing options are fully
vested therefore no additional compensation expense is anticipated in 2006 and
2007.

NOTE 2 - BASIS OF PRESENTATION

The accompanying unaudited consolidated financial statements were prepared in
accordance with instructions for Form 10-Q and, therefore, do not include
information or footnotes necessary for a complete presentation of consolidated
financial condition, results of operations, and cash flows in conformity with
U.S. generally accepted accounting principles. However, all adjustments,
consisting of normal recurring accruals, which, in the opinion of management,
are necessary for fair presentation of the consolidated financial statements
have been included. The results of operations for the period ended September 30,
2005, are not necessarily indicative of the results that may be expected for the
entire fiscal year or for any other period. For further information, refer to
the consolidated financial statements and footnotes thereto for the year ended
December 31, 2004 included in The Washtenaw Group's Form 10-K.

NOTE 3 - SPIN-OFF

On December 31, 2003, Pelican Financial, the former parent company of The
Washtenaw Group and Washtenaw, distributed all of the outstanding shares of The
Washtenaw Group to the holders of Pelican Financial common stock on a share for
share basis based on Pelican Financial shareholders of record on December 22,
2003. Upon completion of the distribution on December 31, 2003, The Washtenaw
Group and Washtenaw are no longer a subsidiary of Pelican Financial. During the
periods presented in the financial statements, Pelican Financial did not incur
any expenses on behalf of The Washtenaw Group and Washtenaw and no allocation of
parent company expenses has been reflected in these financial statements.

Following the distribution certain individuals continue to serve as officers of
both The Washtenaw Group, Washtenaw and Pelican Financial. The Washtenaw Group
pays their salaries and all other compensation, and Pelican Financial reimburses
The Washtenaw Group, as part of the Transitional Services Agreement, for time
spent on Pelican Financial matters. Prior to 2004, Pelican did not reimburse The
Washtenaw Group for these services. Beginning in 2004, officers and other
employees providing services to both companies maintain records of their time
spent on the affairs of each company as a basis for determining the
reimbursements.

<PAGE>



                          THE WASHTENAW GROUP, INC.
          Notes to the Consolidated Financial Statements (Unaudited)

NOTE 4 - EARNINGS PER SHARE

The following summarizes the computation of basic and diluted earnings per
share.
<TABLE>
<CAPTION>

                                                           Three Months         Three Months
                                                              ended                ended
                                                           September 30,        September 30,
                                                               2005                  2004
<S>                                                    <C>                       <C>
Basic loss per share
  Net loss                                               $  (2,509,926)         $  (2,257,970)
  Weighted average shares outstanding                        4,488,351              4,488,351
  Basic loss per share                                   $       (0.56)         $      ( 0.50)

Diluted loss per share
  Net loss                                               $ (2,509,926)          $  (2,257,970)
  Weighted average shares outstanding                       4,488,351               4,488,351
  Dilutive effect of assumed exercise of stock options            -                       _-
  Diluted average shares outstanding                        4,488,351               4,488,351
    Diluted loss per share                               $      (0.56)          $       (0.50)

</TABLE>

<TABLE>
<CAPTION>


                                                                                              Nine
                                                                     Nine Months             Months
                                                                        Ended                 Ended
                                                                      September            September
                                                                         30,                  30,
                                                                        2005                  2004
                                                                   ----------------       -------------
<S>                                                                <C>                    <C>
Basic loss per share
Net loss                                                           (7,237,924)            (5,244,550)

Weighted averages shares outstanding                               4,488,351              4,488,351
                                                                   ----------------       -------------

Basic loss per share                                               (1.61)                 (1.17)
                                                                   ================       =============

Diluted loss per share
Net loss                                                           (7,237,924)            (5,244,550)

Weighted average shares outstanding                                4,488,351              4,488,351

Dilutive effect of assumed exercise of stock options               -                      -
                                                                   ----------------       -------------

Diluted average shares outstanding                                 4,488,351              4,488,351
                                                                   ----------------       -------------

Diluted loss per share                                             (1.61)                 (1.17)
                                                                   ================       =============

</TABLE>



For the nine months ended September 30, 2005 and 2004 there were 15,620 and
21,470 stock options outstanding that were not considered dilutive.

NOTE 5 - RELATED PARTY TRANSACTIONS

On June 30, 2005, The Washtenaw Group's operating subsidiary, Washtenaw, entered
into a subordinated promissory note with Charles C. Huffman for the purpose of
borrowing $1.0 million from Mr. Huffman. The loan is secured by a security
interest in all mortgage servicing rights owned by Washtenaw Mortgage Company.
The terms of the note call for a maturity on June 1, 2006 with interest payable
monthly at a rate of prime plus 3%.

Mr. Huffman is the Chief Executive  Officer and Chairman of the Board as well as
a direct owner of approximately  44% of the outstanding  shares of The Washtenaw
Group.  Mr.  Huffman  received  a  1%  commitment  fee  upon  execution  of  the
subordinated promissory note.

<PAGE>



                       THE WASHTENAW GROUP, INC.
           Notes to the Consolidated Financial Statements (Unaudited)

NOTE 5 - RELATED PARTY TRANSACTIONS (continued)

Pursuant to a Subordination Agreement among Washtenaw, Mr. Huffman and National
City Bank, the subordinated promissory note in favor of Mr. Huffman and the
related security interest are subordinate to all liabilities now existing or
hereafter arising under the Second Amended and Restated Warehousing Credit
Agreement in place between Washtenaw and its lenders. Under the Subordination
Agreement, payments under the subordinated promissory note may only be made by
Washtenaw from the proceeds of the sale of servicing rights by Washtenaw, such
sale to be approved by the lenders as provided in the Warehousing Credit
Agreement, and only after the occurrence of each of the following events: (i)
all of the advances under the Warehousing Credit Agreement have been repaid in
full by the Washtenaw; (ii) the 2004 tax refund which is due to Washtenaw has
been received by Washtenaw and immediately deposited by it into the collateral
proceeds account under the Warehousing Credit Agreement,; and (iii) all pending
interest payments due and payable under the Warehousing Credit Agreement and
related notes have been fully paid by Washtenaw through such date. The
Subordination Agreement also provides, among other things, that the commencement
of any foreclosure proceeding, or the enforcement of any other remedy under the
subordinated promissory note by Mr. Huffman, will constitute a default under the
Warehousing Credit Agreement at the time of such commencement or enforcement.

NOTE 6--MANAGEMENT PLANS

To address the deterioration in operating performance, management has initiated
plans to: (a) consolidate departments and cross train employees to further
reduce employee headcount; (b) rationalize and reduce capital expenditures to
more closely align capital spending with expected incremental loan production
volume; (c) consider alternative loan sale mechanisms to improve profit margin
per loan; (d) implement technological tools and provide further training to its
loan underwriters to reduce future loan repurchases; (e) expand the loan
products offered to its customers to increase loan production; and (f) implement
a number of other cost reduction initiatives.

If The Washtenaw Group is not successful, and possibly even if it is successful,
in implementing these actions, it may continue to experience operating losses,
which would hinder its ability to pay down existing indebtedness, fund future
growth and provide returns to stockholders.

On November 11, 2005 The Washtenaw Group, Inc. announced it has signed a
non-binding Letter of Intent to receive an immediate infusion of $1.5 million
from GenStone Financial ("Genstone") in exchange for 6 million newly issued
shares of common stock, which, if and when issued would represent 57% of the
common shares outstanding, followed by an additional investment of $3.5 million
in Convertible Preferred shares, by February 2006. GenStone is a unit of
GenStone Acquisition Company LLC, a certified Minority Business Enterprise.

Under the proposed terms of the Letter of Intent, The Washtenaw Group, Inc. will
negotiate a management agreement which will eventually cede management control
to GenStone. Upon completion of the transaction, a new senior-management team of
The Washtenaw Group, Inc, will include a new Chief Executive Officer and
President and the existing Board of Directors will be replaced. The parties are
in the process of negotiating a definitive agreement. However, there can be no
assurances that the infusion of capital will occur or, if it does occur, that
such infusion will result in an increase in the revenues of The Washtenaw Group
in an amount sufficient to render its mortgage lending and related businesses
profitable.



<PAGE>






Item 2: Management's Discussion and Analysis of Financial Condition and Results
of Operations Forward-Looking Statements

Discussions of certain matters in this quarterly report on Form 10-Q may
constitute forward-looking statements within the meaning of the Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the Securities and
Exchange Act of 1934, as amended (the "Exchange Act"), and as such, may involve
risks and uncertainties. Forward-looking statements, which are based on certain
assumptions and describe future plans, strategies, and expectations, are
generally identifiable by the use of words or phrases such as "believe",
"expect", "intend", "anticipate", "estimate", "project", "forecast", "may
increase", "may fluctuate", "may improve" and similar expressions or future or
conditional verbs such as "may", "will", "should", "would", and "could". The
Washtenaw Group does not undertake, and specifically disclaims any obligation,
to update any forward-looking statements to reflect occurrences, or events or
circumstances after the date of such statements.

 Persons are cautioned that such forward-looking statements are not guarantees
of future performance and are subject to various factors that could cause actual
results to differ materially from those estimated. These factors include, but
are not limited to, changes in general economic and market conditions,
legislative and regulatory changes, monetary and fiscal policies of the federal
government, demand for loan and deposit products and the development of an
interest rate environment that adversely affects the interest rate spread or
other income from The Washtenaw Group's investments and operations; risks that
the proposed transaction with GenStone described herein will not be consummated
on the terms disclosed in the non-binding Letter of Intent, or at all; risks
resulting from the potential adverse effect on The Washtenaw Group's business
and operations of the transactions contemplated by the non-binding Letter of
Intent; risks resulting from the decreased amount of time and attention that
management can devote to The Washtenaw Group's business while also devoting its
attention to completing the proposed transaction with GenStone; and risks
associated with the increase in operating costs resulting from the additional
expenses The Washtenaw Group has incurred and will continue to incur in
connection with the proposed transaction with GenStone. These factors should be
considered in evaluating the forward-looking statements, and undue reliance
should not be placed on such statements.

OVERVIEW AND MANAGEMENT PLANS

The Washtenaw Group serves as the holding company of Washtenaw. The Washtenaw
Group's operations involve correspondent, wholesale and retail mortgage banking.
The operation involves the origination and purchase of single-family residential
mortgage loans in approximately 40 states, the sale of these loans, usually on a
pooled and securitized basis, in the secondary market, and the servicing of
mortgage loans for investors.

The Washtenaw Group's earnings are primarily dependent upon three sources: net
interest income, which is the difference between interest earned on
interest-earning assets and interest paid on interest-bearing liabilities; fee
income from servicing mortgages held by investors; and gains realized on sales
of mortgage loans and mortgage servicing rights. These revenues are in turn
significantly affected by factors such as changes in prevailing interest rates
and in the yield curve (that is, the difference between prevailing short-term
and long-term interest rates), as well as changes in the volume of mortgage
originations nationwide and prepayments of outstanding mortgages.

To address the deterioration in operating performance, management has initiated
plans to: (a) consolidate departments and cross train employees to further
reduce employee headcount; (b) rationalize and reduce capital expenditures to
more closely align capital spending with expected incremental loan production
volume; (c) consider alternative loan sale mechanisms to improve profit margin
per loan; (d) implement technological tools and provide further training to its
loan underwriters to reduce future loan repurchases; (e) expand the loan
products offered to its customers to increase loan production; and (f) implement
a number of other cost reduction initiatives.

If The Washtenaw Group is not successful, and possibly even if it is successful,
in implementing these actions, it may continue to experience operating losses,
which would hinder its ability to pay down existing indebtedness, fund future
growth and provide returns to stockholders.

In October 2005, Washtenaw terminated its reinsurance agreement. This resulted
in $2.0 million of immediately available liquidity. The $2.0 million represented
money Washtenaw had earned that was maintained in a trust account in accordance
with the agreement. When the agreement was terminated, the funds in the trust
account were released.

On November 11, 2005 The Washtenaw Group, Inc. announced it has signed a
non-binding Letter of Intent to receive an immediate infusion of $1.5 million
from GenStone Financial ("Genstone") in exchange for 6 million newly issued
shares of common stock, which, if and when issued would represent 57% of the
common shares outstanding, followed by an additional investment of $3.5 million
in Convertible Preferred shares, by February 2006. GenStone is a unit of
GenStone Acquisition Company LLC, a certified Minority Business Enterprise.

Under the proposed terms of the Letter of Intent, The Washtenaw Group, Inc. will
negotiate a management agreement which will eventually cede management control
to GenStone. Upon completion of the transaction, a new senior-management team of
The Washtenaw Group, Inc, will include a new Chief Executive Officer and
President and the existing Board of Directors will be replaced. The parties are
in the process of negotiating a definitive agreement. However, there can be no
assurances that the infusion of capital will occur or, if it does occur, that
such infusion will result in an increase in the revenues of The Washtenaw Group
in an amount sufficient to render its mortgage lending and related businesses
profitable.

CRITICAL ACCOUNTING POLICIES

The accounting policies that have the greatest impact on the Washtenaw Group's
financial condition and results of operations and that require the most judgment
relate to its mortgage activities. The Washtenaw Group's accounting policy for
gain on sale of loans, mortgage servicing rights ("MSRs"), interest rate risk
management activities and litigation and claims and estimate of losses on future
loan repurchases have not changed since December 31, 2004. These accounting
policies are described more fully in the annual report on Form 10-K for the year
ended December 31, 2004.

EARNINGS PERFORMANCE

The Washtenaw Group reported a net loss of $2.5 million for the three months
ended September 30, 2005 compared to a net loss of $2.3 million for the three
months ended September 30, 2004. Basic and diluted earnings per share was a loss
of $0.56 per share compared to earnings of $0.50 per share for the quarter ended
September 30, 2005 and 2004 respectively. The Washtenaw Group reported a net
loss of $7.2 million for the nine months ended September 30, 2005 compared to a
net loss of $5.2 million for the nine months ended September 30, 2004. Basic and
diluted earnings per share was a loss of $1.61 per share compared to a loss of
$1.17 per share for the nine months ended September 30, 2005 and 2004
respectively.

RESULTS OF OPERATIONS

Loan Production
Loan production was $135.5 million and $212.3 million for the three months ended
September 30, 2005 and 2004, respectively. The volume of loans produced for the
nine months ended September 30, 2005 totaled $459.4 million as compared to $990
million for the nine months ended September 30, 2004, a decrease of $530.6
million or 54%. The decrease was the result of rising interest rate environment
during the nine months ended September 30, 2005 and increased pricing
competition.

Noninterest Income
Noninterest income was $381,000 and $4.0 million for the three months ended
September 30, 2005 and 2004, respectively. Total noninterest income for the nine
months ended September 30, 2005 was $3.3 million, compared to $13.8 million for
the nine months ended September 30, 2004, a decrease of $10.5 million or 76%.
This decrease was primarily due to an 113% decrease in the gain on sales of
mortgage servicing rights and loans. The decrease in gain on sale of MSRs and
loans was primarily due to a decrease in the overall new loan origination volume
in the first nine months of 2005, reduced profit margins on each new loan
origination as a result of the current interest rate environment and the loss
incurred on the sale of mortgage servicing rights. Washtenaw incurred a loss on
a sale of MSRs of approximately $1.4 million in the quarter ended September 30,
2005. This sale was consummated to generate immediate cash flow for operating
purposes. The financial performance of the company impacted the price the
company was able to secure in the sales process.

Loan Servicing
At September 30, 2005, Washtenaw serviced $517.5 million of loans compared to
$2.5 billion at September 30, 2004, a 79% decrease. This is the result of bulk
servicing sales totaling $665 million in the second half of the year ended
December 31, 2004 and three additional bulk sales totaling $1.2 billion in the
nine months ended September 30, 2005. In addition, Washtenaw is currently
retaining a very small amount of servicing rights on current production

At September 30, 2005 and 2004, with the exception of servicing related to loans
held for sale in Washtenaw's loan portfolio and servicing sold but not yet
delivered, all loan servicing was performed for others. Service fee income, net
of amortization was $249,000 and $91,000 for the three months ended and $848,000
and $782,000 for the nine months ended September 30, 2005 and 2004 respectively.
Servicing income decreased $1.1 million for the three months ended and $3.2
million for the nine months ended September 30, 2005 due to the decrease in the
servicing portfolio.

Noninterest Expense
Noninterest expense was $4.4 million and $7.5 million for the three months ended
September 30, 2005 and 2004, respectively. Total noninterest expense for the
nine months ended September 30, 2005 was $15.5 million, compared to $22.5
million for the same period in 2004, a decrease of $7.1 million, or 31%. The
decrease for the three month period is partially due to the change from a charge
to a credit in the MSRs valuation adjustment of $600,000 for the three months
ended September 30, 2005. For the nine months ended September 30, 2005 the MSR
charge was $284,000 compared to a charge of $941,000 for the nine months ended
September 30, 2004. Excluding the MSR valuation adjustment, noninterest expense
decreased $2.5 million for the three months ended September 30, 2005 compared to
the three months ended September 30, 2004 and decreased $7.7 million for the
nine months ended September 30, 2005 compared to the nine months ended September
30, 2004. The decrease for the three and nine months ending September 30, 2005
was primarily due to the decrease in employee compensation and benefits
expenses, amortization of MSRs and a decrease in the loan loss and provision for
loss on loan repurchases and other real estate. The decrease in employee
compensation and benefits was the result of a decrease in operations staff due
to attrition, a reduction in overtime expense, a 20% reduction in officer
compensation and reduced commissions paid due to decreasing volume. The decrease
in amortization of MSRs is the result of the decrease in mortgage loan
servicing. The decrease in the loss and provision for loss on loan repurchases
and other real estate was due to a decrease in repurchase requests. Washtenaw
establishes a reserve for repurchases based on mortgage loan production. The
reserve is established based on historical repurchase experience and current
repurchase requests.

BALANCE SHEET ANALYSIS

The following is a discussion of the consolidated balance sheet of The Washtenaw
Group.

ASSETS

At September 30, 2005, total assets of The Washtenaw Group equaled $42.7 million
as compared to $119.3 million at December 31, 2004, a decrease of $76.6 million
or 64%. The decrease is primarily due to the decrease in loans held for sale and
securities available for sale.

Loans Held for Sale
Loans held for sale were $23.4 million at September 30, 2005 compared to $68.5
million at December 31, 2004. This decrease of $45.1 million or 66% was the
result of a decrease in mortgage loan production.

Securities Available for Sale
Securities available for sale were zero at September 30, 2005, compared to $22.2
million at December 31, 2004. During the fourth quarter in 2004, Washtenaw
initiated a strategy to hold or buy in the open market variable rate
mortgage-backed securities. The securities were primarily obtained in a
securitization of loans held for sale in exchange for 100% of the beneficial
interests in the form of mortgage backed securities. The securities were pledged
as collateral for repurchase agreements used to fund the mortgage-backed
securities. Management uses various derivative instruments to hedge the interest
rate risks that exist. The risks are due to the duration of the repurchase
agreements being different than the related time until the underlying loans in
the mortgage-backed securities reach their adjustment date. Due to the increase
in the borrowing costs and the flattening of the yield curve, it is no longer
beneficial to continue holding securities available for sale. Washtenaw
discontinued holding securities available for sale in April 2005.

Mortgage Servicing Rights
MSRs were $4.4 million at September 30, 2005, a decrease of $12.8 million or 74%
from $17.2 million at December 31, 2004. This is the result of three bulk
servicing sales of $1.2 billion in the nine months ended September 30, 2005. The
MSRs asset was decreased by approximately $10.4 million as a result of the
sales. In addition, $2.7 million of amortization was recorded for the nine
months ended September 30, 2005. This was offset by an increase in the fair
value of $284,000 in the remaining MSRs as mortgage interest rates increased. In
general, servicing right values tend to decline in a falling interest rate
environment and increase in a rising interest rate environment. Management
cannot predict future market interest rate levels or the magnitude of future
servicing valuation adjustments; however, the potential for further impairment
charges exist depending on the mortgage interest rate environment. The MSRs
asset also increased due to the retention of a small amount of MSRs on newly
originated loans.

In April 2004, Washtenaw began hedging a portion of its mortgage loan servicing
portfolio. During the quarter ended September 30, 2005, Washtenaw discontinued
hedging its mortgage loan servicing portfolio.

LIABILITIES

At September 30, 2005, the total liabilities of The Washtenaw Group were $34.1
million as compared to $103.3 million at December 31, 2004, a decrease of $69.2
million or 67%. This decrease was primarily due to decreases in repurchase
agreements, notes payable, due to bank and other liabilities.

Notes Payable
Notes payable was $17.3 million at September 30, 2005 compared to $59.9 million
at December 31, 2004. This decrease of $42.6 million, or 71% was primarily
caused by the significant decrease in loan originations during the quarter ended
September 30, 2005. The notes payable represent the warehouse line of credit
that Washtenaw uses to fund its loan production until such time that the loans
are sold to the secondary market.

GNMA Repurchase Liability
GNMA repurchase liability was $1.6 million at September 30, 2005, compared to
$6.5 million at December 31, 2004. This decrease of $4.9 million or 76% was the
result of the sale of approximately 90% of all the GNMA MSRs in 2005. The GNMA
repurchase liability represents Washtenaw's right, but not an obligation, to
repurchase eligible GNMA loans from the securities that Washtenaw services.

Repurchase Agreements
Repurchase agreements were $7.9 million at September 30, 2005 compared to $22.4
million at December 31, 2004. At December 31, 2004, $14.5 million of the
repurchase agreements were being used to fund securities available for sale
which were subsequently sold.

LIQUIDITY AND CAPITAL RESOURCES

Liquidity Management
The objective of liquidity management is to ensure the availability of
sufficient resources to meet all financial commitments and to capitalize on
opportunities for business expansion. Liquidity management addresses the ability
to meet deposit withdrawals either on demand or by contractual maturity, to
repay other borrowings as they mature and to make new loans and investments as
opportunities arise.

To date The Washtenaw Group has conducted no business other than managing its
investments in Washtenaw. The Washtenaw Group's source of funds is dividends
paid by Washtenaw. Washtenaw's sources of funds include cash from gains on sales
of mortgage loans and servicing, net interest income, servicing fees and
borrowings. Washtenaw sells its mortgage loans generally on a monthly basis to
generate cash for operations. Washtenaw's uses of cash in the short-term include
the funding of mortgage loan purchases and originations and purchases of
mortgage servicing rights, payment of interest, repayment of amounts borrowed
pursuant to warehouse lines of credit, operating and administrative expenses,
income taxes and capital expenditures. Long-term uses of cash may also include
the funding of securitization activities or portfolios of loan or servicing
assets.

Washtenaw funds its business through the use of a warehouse line of credit and
the use of agreements to repurchase. The agreements to repurchase typically have
terms of less than 90 days and are treated as a source of financing. The current
warehouse line of credit has a limit of $4.0 million and will discontinue
funding new loan production effective November 22, 2005; Washtenaw expects to
pay off its existing warehouse line of credit by December 15, 2005. Washtenaw
has established new warehouse line of credit relationships that will provide a
$25.0 million warehouse line of credit. The interest rate on the warehouse line
of credit will be the floating Libor rate plus 2.25% resulting in effective
rates of approximately 6.25%. Under the new agreement Washtenaw must maintain a
minimum net worth of $7.0 million. Washtenaw must also maintain a current ratio
of 1.02 to 1. Washtenaw would have met all of these covenants during all time
periods reported. Also, as a condition to the new warehouse line of credit,
Washtenaw must receive $1.5 million in new capital by November 30, 2005 and an
additional $3.5 million by March 31, 2006.

In October 2005, Washtenaw terminated its reinsurance agreement. This resulted
in $2.0 million of immediately available liquidity.

Washtenaw is also attempting to manage its liquidity requirements through the
prudent use of its cash resources, effective management of working capital and
capital expenditures and periodic sales of MSRs.

In addition, on November 11, 2005 The Washtenaw Group announced it signed a
non-binding Letter of Intent to receive an immediate infusion of $1.5 million
from GenStone in exchange for 6 million newly issued shares of common stock,
which, if and when issued, would represent 57% of the common shares outstanding,
followed by an additional investment of $3.5 million in Convertible Preferred
shares, by February 2006. See "Item 5. Other Information" for additional
information regarding this proposed transaction.

Washtenaw also enters into sales of mortgage loans pursuant to agreements to
repurchase. These agreements typically have terms of less than 90 days and are
treated as a source of financing. The weighted average interest rate on these
agreements to repurchase was 4.65% at September 30, 2005, and 3.15% at December
31, 2004.

Washtenaw's ability to continue to purchase loans and MSRs and to originate new
loans is dependent in large part upon its ability to sell the mortgage loans at
par or for a premium or to sell the MSRs in the secondary market in order to
generate cash proceeds to repay borrowings pursuant to the warehouse credit
facility, thereby creating borrowing capacity to fund new purchases and
originations. The value of and market for The Washtenaw Group's loans and MSRs
are dependent upon a number of factors, including the borrower credit risk
classification, loan-to-value ratios and interest rates, general economic
conditions, warehouse facility interest rates, Washtenaw's financial condition
and governmental regulations. A significant amount of Washtenaw's loan
production in any month is funded during the last several business days of that
month.

Washtenaw generally grants commitments to fund mortgage loans for up to 60 days
at a specified term and interest rate. The commitments are commonly known as
rate-lock commitments. At September 30, 2005 and December 31, 2004, Washtenaw
had outstanding rate-lock commitments to lend of $28.0 million and $52.7
million, respectively for mortgage loans. Because these commitments may expire
without being drawn upon, they do not necessarily represent future cash
commitments. Also, as of September 30, 2005 and December 31, 2004, Washtenaw had
outstanding commitments to sell $30.4 million and $64.9 million of mortgage
loans, respectively. These commitments will be funded within 90 days.

Washtenaw purchases its loans either by wiring funds to the closing agent or
sending a draft. The decision is based on the requirements of the state where
the loan is being purchased. When a draft is used, Washtenaw begins earning
interest on the day the draft is issued but does not incur any cost of funds
until the draft is presented to the bank. When the draft clears the bank,
Washtenaw will either borrow money on its warehouse line of credit or through
its agreements to repurchase depending on the type of loan. Outstanding drafts
totaled $2.8 million at September 30, 2005 and $6.5 million at December 31,
2004.

<PAGE>



Item 3:  Quantitative and Qualitative Disclosure About Market Risk
For a discussion of The Washtenaw Group's asset/liability management policies as
well as the potential impact of interest rate changes upon the market value of
The Washtenaw Group's portfolio, see The Washtenaw Group's Annual Report to
Shareholders on Form 10-K. Management believes that there has been no material
change in The Washtenaw Group's asset/liability position or the market value of
The Washtenaw Group's portfolio since December 31, 2004.

Item 4:  Controls and Procedures

The Washtenaw Group, under the supervision and with the participation of its
management, including its principal executive officer and principal financial
officer, evaluated the effectiveness of the design and operation of its
disclosure controls and procedures as of the end of the period covered by this
report. Based on this evaluation, the principal executive officer and principal
financial officer concluded that The Washtenaw Group's disclosure controls and
procedures are effective in reaching a reasonable level of assurance that
information required to be disclosed by The Washtenaw Group in the reports that
it files or submits under the Securities Exchange Act of 1934 is recorded,
processed, summarized and reported within the time period specified in the
Securities and Exchange Commission's rules and forms.

The principal executive officer and principal financial officer also conducted
an evaluation of internal control over financial reporting ("Internal Control")
to determine whether any changes in Internal Control occurred during the fiscal
quarter that have materially affected or which are reasonably likely to
materially affect Internal Control. Based on that evaluation, there has been no
such change during the quarter covered by this report.

A control system, no matter how well conceived and operated, can provide only
reasonable, not absolute, assurance that the objectives of the control system
are met. Further, the design of a control system must reflect the fact that
there are resource constraints, and the benefits of controls must be considered
relative to their costs. Because of the inherent limitations in all control
systems, no evaluation of controls can provide absolute assurance that all
control issues and instances of fraud, if any, within The Washtenaw Group have
been detected. Because of the inherent limitations in a cost-effective control
system, misstatements due to error or fraud may occur and not be detected. The
Washtenaw Group conducts periodic evaluations to enhance, where necessary, its
procedures and controls.


Part II. Other Information

Item 1.   Legal Proceedings

There have been no other  material  changes to the pending legal  proceedings to
which The Washtenaw Group is a party since the filing of the  registrant's  Form
10-K for the year ended December 31, 2004 or the filing of the registrant's Form
10-Q for the quarterly period ended March 31, 2005. In addition, there have been
no material legal proceedings to which The Washtenaw Group is a party instituted
since that date. The Washtenaw  Mortgage Co. v Chase  Manhattan  Mortgage Corp.,
Civil Action No. 04-73451, United States District Court for the Eastern District
of Michigan  (Southern  Division) was settled as described in the March 31, 2005
Form 10-Q. Item 2.  Unregistered  Sales of Equity Securities and Use of Proceeds
None

Item 3.   Defaults Upon Senior Securities
               Not Applicable.

Item 4.   Submission of Matters to a Vote of Security Holders

         None

<PAGE>

Item 5.   Other Information

On November 11, 2005 The Washtenaw Group, Inc. announced it has signed a
non-binding Letter of Intent to receive an immediate infusion of $1.5 million
from GenStone Financial ("Genstone") in exchange for 6 million newly issued
shares of common stock, which, if and when issued would represent 57% of the
common shares outstanding, followed by an additional investment of $3.5 million
in Convertible Preferred shares, by February 2006. GenStone is a unit of
GenStone Acquisition Company LLC, a certified Minority Business Enterprise.

Under the proposed terms of the Letter of Intent, The Washtenaw Group, Inc. will
negotiate a management agreement which will eventually cede management control
to GenStone. Upon completion of the transaction, a new senior-management team of
The Washtenaw Group, Inc, will include a new Chief Executive Officer and
President and the existing Board of Directors will be replaced. The parties are
in the process of negotiating a definitive agreement. However, there can be no
assurances that the infusion of capital will occur or, if it does occur, that
such infusion will result in an increase in the revenues of The Washtenaw Group
in an amount sufficient to render its mortgage lending and related businesses
profitable

Additional Information About the Transactions and Where to Find It

The proposed transactions will be submitted to The Washtenaw Group's
shareholders for approval. The Washtenaw Group will prepare an information
statement and related materials describing the transactions that will be mailed
to The Washtenaw Group's shareholders. These information statement materials and
other relevant materials, when available, including the definitive agreement,
may be obtained free of charge at the Securities and Exchange Commission's
website at http://www.sec.gov. In addition, shareholders may obtain free copies
of the documents that The Washtenaw Group files with the SEC on The Washtenaw
Group's website at www.TheWashtenawGroup.com or by written request directed to:

         Howard Nathan
         The Washtenaw Group, Inc.
         3767 Ranchero Drive
         Ann Arbor, Michigan 48108.

SHAREHOLDERS OF THE WASHTENAW GROUP ARE URGED TO READ THESE MATERIALS AND TO
READ THE DEFINITIVE INFORMATION STATEMENT MATERIALS WHEN THEY BECOME AVAILABLE
BECAUSE THEY CONTAIN AND WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED
MERGER AND RELATED ITEMS. Shareholders are urged to read the information
statement and other relevant materials before making any voting or investment
decisions with respect to the proposed transactions.

The executive officers and directors of The Washtenaw Group have interests in
the proposed transactions, some of which differ from, and are in addition to,
those of The Washtenaw Group's shareholders generally. In addition, The
Washtenaw Group and its executive officers and directors may be participating or
may be deemed to be participating in the solicitation of consents from the
security holders of The Washtenaw Group in connection with the proposed
transactions. Information about the executive officers and directors of The
Washtenaw Group, their relationship with The Washtenaw Group and their
beneficial ownership of The Washtenaw Group securities will be set forth in the
information statement materials filed with the Securities and Exchange
Commission. Shareholders may obtain additional information regarding the direct
and indirect interests of The Washtenaw Group and its executive officers and
directors in the proposed transactions by reading the information statement
materials relating to the transactions when they become available.

The discussion of the proposed transaction with GenStone in this quarterly
report on Form 10-Q may constitute forward-looking statements within the meaning
of the Section 27A of the Securities Act of 1933, as amended, and Section 21E of
the Exchange Act, and as such, may involve risks and uncertainties, which
include, but are not limited to, risks that the proposed transaction will not be
consummated on the terms disclosed in the non-binding Letter of Intent, or at
all; risks resulting from the potential adverse effect on The Washtenaw Group's
business and operations of the transactions contemplated by the non-binding
Letter of Intent; risks resulting from the decreased amount of time and
attention that management can devote to The Washtenaw Group's business while
also devoting its attention to completing the proposed transaction; risks
associated with the increase in operating costs resulting from the additional
expenses The Washtenaw Group has incurred and will continue to incur in
connection with the proposed transaction; changes in general economic and market
conditions; legislative and regulatory changes; monetary and fiscal policies of
the federal government; demand for loan and deposit products and the development
of an interest rate environment that adversely affects the interest rate spread
or other income from Pelican Financial's investments and operations. These risks
and uncertainties should be considered in evaluating the forward-looking
statements, and undue reliance should not be placed on such statements.


Item 6.   Exhibits and Reports on Form 8-K

<TABLE>
<CAPTION>


              Exhibit Number                   Description
              --------------                   -----------
<S>                                   <C>
              2.1                     Plan of Distribution (1)
              3.1                     Articles Incorporation of The Washtenaw Group, Inc. (1)
              3.2                     Bylaws of The Washtenaw Group, Inc. (1)
              4                       Form of Common Stock Certificate of The Washtenaw Group, Inc. (1)
              10.1                    Master Agreement between Federal National  Mortgage  Association and Washtenaw
                                      Mortgage Company dated December 21, 1998 (1)
              10.2                    Transitional  Services  Agreement  between  Pelican  Financial,  Inc.  and The
                                      Washtenaw Group, Inc. (1)
              10.3                    The Washtenaw Group, Inc. Stock Option and Incentive Plan (1)
              10.4                    Second Amended and Restated Warehousing Credit Agreement
              10.5                    Subordinated Promissory Note in Favor of Charles C. Huffman
              10.6                    Subordination  Agreement among Washtenaw Mortgage Company,  Charles C. Huffman
                                      and National City Bank
              31.1                    Certification of Principal Executive Officer
              31.2                    Certification of Principal Financial Officer
              32                      Certification Pursuant to 18 U.S.C. Section 1350 as Adopted
                                      Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

</TABLE>


(1)  Incorporated  by  reference  to  Exhibit  bearing  the same  number  in The
     Washtenaw  Group,  Inc.'s  Registration  Statement  on Form  10,  filed  on
     September 11, 2004, as amended (Reg. No. 001-31795)

<PAGE>










                    The Washtenaw Group, Inc. and Subsidiary
                                   Signatures

Under the requirements of the Securities Exchange Act of 1934, the Registrant
has duly caused this Report to be signed on its behalf by the undersigned
thereunto duly authorized.




Date: November 14, 2005              /s/ Charles C. Huffman
                                      ----------------------
                                        Charles C. Huffman
                                     President and Chief Executive Officer
                                       (Principal Executive Officer)


Date: November 14, 2005                 /s/ Howard M. Nathan
                                        --------------------
                                          Howard M. Nathan
                                Vice President and Chief Financial Officer
                               (Principal Financial and Accounting Officer)





<PAGE>


Exhibit Index
<TABLE>
<CAPTION>

              Exhibit Number                   Description
              --------------                   -----------

<S>                                  <C>
              2.1                     Plan of Distribution (1)
              3.1                     Articles Incorporation of The Washtenaw Group, Inc. (1)
              3.2                     Bylaws of The Washtenaw Group, Inc. (1)
              4                       Form of Common Stock Certificate of The Washtenaw Group, Inc. (1)
              10.1                    Master Agreement between Federal National  Mortgage  Association and Washtenaw
                                      Mortgage Company dated December 21, 1998 (1)
              10.2                    Transitional  Services  Agreement  between  Pelican  Financial,  Inc.  and The
                                      Washtenaw Group, Inc. (1)
              10.3                    The Washtenaw Group, Inc. Stock Option and Incentive Plan (1)
              10.4                    Second Amended and Restated Warehousing Credit Agreement
              10.5                    Subordinated Promissory Note in Favor of Charles C. Huffman
              10.6                    Subordination  Agreement among Washtenaw Mortgage Company,  Charles C. Huffman
                                      and National City Bank
              31.1                    Certification of Principal Executive Officer
              31.2                    Certification of Principal Financial Officer
              32                      Certification Pursuant to 18 U.S.C. Section 1350 as Adopted
                                      Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
</TABLE>



(1)  Incorporated  by  reference  to  Exhibit  bearing  the same  number  in The
     Washtenaw  Group,  Inc.'s  Registration  Statement  on Form  10,  filed  on
     September 11, 2004, as amended (Reg. No. 001-31795).