Michele J. Loesch, director of home equity research at Fitch Investors Service, is leaving the rating agency to join Delta Funding Corp.

Ms. Loesch, 32, will serve as vice president for securitization, at the Woodbury, N.Y. subprime home lender.

The title is a newly created position, said Hugh Miller, president of Delta.

She will be in charge of packaging pools of Delta's loans for sale on the secondary market, as well as development of new products to market to Wall Street, Mr. Miller said.

Prior to her three years' experience in the home equity market, Ms. Loesch covered the residential mortgage market at Fitch.

Previously, she was with Security Pacific Funding Corp., another subprime mortgage lender.

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