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                                                                   Exhibit 10.15

[CLAYTON LOGO]

                         | CLAYTON TECHNOLOGIES, INC. |

                              EMPLOYMENT AGREEMENT

     THIS EMPLOYMENT AGREEMENT (the "AGREEMENT") is entered into this fifteenth
day of September, 2004, effective November 1, 2004 by and between CLAYTON
TECHNOLOGIES, Inc., a Delaware Corporation with its principal place of business
located at 2 Corporate Drive, Shelton, CT 06484 (hereinafter referred to as
"EMPLOYER"), and Lou Iannaccone (hereinafter referred to as "EMPLOYEE").
Employer and Employee are collectively hereinafter referred to as the "PARTIES".

                                   WITNESSETH

WHEREAS, Employer together with it's subsidiaries and other affiliates is in the
business of providing advisory products and services relating to residential,
consumer and commercial loan asset classes, including (i) portfolio due
diligence, advice, data collection, management and analysis, (ii) regulatory and
operational compliance reporting, (iii) credit underwriting, and (iv) loan
valuation, in each case to financial institutions, including investment banking
firms, mortgage companies, commercial banks, thrifts, government sponsored
enterprises, rating agencies, mortgage insurance companies and bond insurers
(together with any other businesses or activities conducted by Employer and its
subsidiaries from time to time, the "Business");

WHEREAS, Employer desires to employ Employee in the position of Chief
Information Officer; and

WHEREAS, Employee desires be employed in the position of Chief Information
Officer;

WHEREAS, the Employer and Employee are simultaneously entering into a certain
Employee Agreement dated as the date hereof between Employer and Employee
containing certain restrictive covenants (the "Employee Agreement");

Now therefore, for the consideration stated herein, Employer agrees to employ
Employee and Employee agrees to accept employment in accordance with the
following terms and conditions.

I.    AT WILL EMPLOYMENT/ EXEMPT EMPLOYMENT:

      Employee acknowledges and agrees that:

          (a)  His employment by Employer is at will, which means that Employer
               or Employee may terminate his employment at any time for any
               reason or for no reason, in accordance with applicable law, so
               long as the Party desiring to terminate the Employment Agreement
               provides written notice thirty (30) days in advance of the
               termination date, unless such termination is by Employer for
               cause (as referenced below). If the termination is for cause, no
               notice shall be required.

203 926 - 5600
              | www.clayton.com |
                  2 Corporate Drive, Shelton, Connecticut 06484

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[CLAYTON LOGO]

                         | CLAYTON TECHNOLOGIES, INC. |

          (b)  The circumstances giving rise to termination for "cause" shall
               include, without limitation, such circumstances and conduct as
               (i) any act, whether or not involving Employer or any of its
               affiliates or their respective businesses, of fraud, gross
               misconduct or harassment; (ii) any act of dishonesty or
               illegality, in any such case, materially and adversely affecting
               Employer; (iii) the conviction of Employee for (A) a felony, or
               (B) any misdemeanor involving moral turpitude; (iv) the
               commission, in the reasonable judgment of the board of directors
               of Employer, of an act involving a violation of procedures or
               policies of Employer which are material to Employer; (v) a
               material and sustained failure of Employee to perform the duties
               and responsibilities assigned or delegated under this Agreement,
               which such failure continues for thirty (30) days after written
               notice has been given to the Employee by the Board of Directors;
               (vi) gross negligence or willful misconduct by Employee with
               respect to Employer or any affiliate of Employer; or (vii) a
               breach by Employee of any of Employee's material obligations
               under this Agreement or a breach by Employee of any of Employee's
               obligations under the Employee Agreement.

II.   DUTIES AND RESPONSIBILITIES:

      Employee will be directly responsible for performing the duties and
      responsibilities during the term of this Agreement as outlined in the
      attached EXHIBIT 1.

      Employee will report to Stephen Lamando ("Lamando") or such other
      individual as Lamando or the chief executive officer of Employer may
      direct from time to time. Employee's duties and responsibilities may be
      amended, modified, increased or decreased as Employer may determine in its
      sole and absolute discretion.

III.  LOCATION OF SERVICES:

      Employee will provide services from Employer's offices at 2 Corporate
      Drive, Shelton, Connecticut 06484 or such other location as agreed to by
      Employer and Employee. Employee acknowledges and agrees that; depending
      upon the needs of Employer, he may be required to provide services from
      time to time at locations other than Employer's principal location in
      Shelton, Connecticut.

IV.   COMPENSATION:

      Employer shall pay to Employee as base compensation for the services and
      responsibilities set out in this Agreement and any additional services or
      responsibilities which the position may require or be assigned an annual
      base salary at the rate of two-hundred and fifty thousand ($250,000) per
      year (the "Base Salary"), subject to applicable withholding under
      applicable law. Such Base Salary shall be protected for partial years and
      payable in periodic installments in accordance with Employer's payroll
      policies.

203 926 - 5600
              | www.clayton.com |
                  2 Corporate Drive, Shelton, Connecticut 06484

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[CLAYTON LOGO]

                         | CLAYTON TECHNOLOGIES, INC. |

      Such Base Salary shall be reviewed annually, and shall be subject to such
      annual increases, if any, as determined by Employer.

      Employer shall pay to Employee an Automobile Allowance of $650 per month
      in addition to salary, subject to applicable withholding under applicable
      law.

      Notwithstanding the "at will" nature of this Agreement and Employee's
      employment hereunder, if Employee's employment under this Agreement is
      terminated for any reason other than (i) for cause (as referenced in
      Section I(b)) or (ii) as a result of Employee's voluntary termination
      other than for Good Reason (as defined below), death or disability,
      Employer shall provide to Employee the following termination benefits
      ("Termination Benefits"):

               (i)    continuation of salary at a rate equal to 100% of
          Employee's Base Salary as in effect at the date of termination for a
          period of twelve (12) months following the date of termination
          (payment shall be subject to withholding under applicable law and
          shall be made in periodic installments in accordance with the
          Employer's payroll policies; and

               (ii)   continuation of group health plan benefits during the
          period during which Employee is receiving payments pursuant to
          subsection (i) above, to the extent authorized by and consistent with
          29 U.S.C. Section 1161 ET SEQ. (commonly known as "COBRA"), with the
          cost of the regular premium for such benefits shared in the same
          relative proportion by the Employer and Employee as in effect on the
          date of termination.

      Employer shall have the right to terminate all of the Termination Benefits
      set forth in this Section IV in the event that Employee fails to comply
      with Employee's continuing obligations under Section X of this Agreement
      and under the Employee Agreement. Employer's liability for Base Salary
      continuation pursuant to subsection (i) shall be reduced by the amount of
      any severance pay paid to Employee pursuant to any severance pay plan of
      Employer. Notwithstanding the foregoing, nothing in this Section IV shall
      be construed to affect Employee's right to receive COBRA continuation
      entirely at Employee's own cost to the extent that Employee may continue
      to be entitled to COBRA continuation after Employee's right to cost
      sharing under subsection (ii) ceases. Employer and Employee agree that the
      Termination Benefits paid by Employer to Employee under this Section IV
      shall be in full satisfaction, compromise and release of any claims
      arising exclusively out of any termination of Employee's employment under
      this Agreement, and that the payment of the Termination Benefits shall be
      contingent upon Employee's delivery of a general release effectuating such
      full satisfaction, compromise and release, in favor of Employer and its
      affiliates of any and all claims arising exclusively out of any such
      termination, which general release shall be effective

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              | www.clayton.com |
                  2 Corporate Drive, Shelton, Connecticut 06484

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[CLAYTON LOGO]

                         | CLAYTON TECHNOLOGIES, INC. |

      upon termination of employment and shall be in a form reasonably
      satisfactory to Employer, it being understood that no Termination Benefits
      shall be provided unless and until Employee executes and delivers such
      release.

      For purposes of this Agreement, "Good Reason" shall mean the occurrence of
      any of the following events: (i) a substantial adverse change in the
      nature or scope of the Employee's responsibilities, authorities, powers,
      functions or duties under this Agreement; (ii) a reduction in the
      Employee's annual Base Salary; or (iii) the relocation of the offices at
      which the Employee is principally employed to any other location which is
      more than fifty (50) miles from the current location of such offices.

V.    INCENTIVE COMPENSATION:

      Maximum variable compensation of $112,500 based upon a "Meets", $155,000
      based upon "Exceeds" and $200,000 based upon a "Far Exceeds" performance
      rating. This rating is based upon Company and Employee performance against
      a series of specific indicators established for Employee's role and
      responsibilities within the organization. The specific indicators of
      performance will be determined within 45 days of Employee's hire date.
      Variable compensation specified above is the maximum payable on an
      annualized basis. All incentive compensation will be reviewed at the end
      of 2004.

      The Employee will receive a guaranteed bonus of $100,000 for the period
      ending December 31, 2004, except if he voluntarily leaves the employment
      of the Employer, or is terminated for cause (as referenced in Section
      I(b)) prior to December 31, 2004. The Employee will not be entitled to a
      guaranteed bonus subsequent to December 31, 2004.

VI.   RELOCATION:

      The Employee acknowledges that he will relocate so that he may work from
      the Employer's Shelton, CT office. The Employer will pay directly or
      reimburse to the Employee a relocation reimbursement of up to $65,000 (the
      "Relocation Reimbursement") for allowable moving costs related to his
      relocation. All travel to and from Clayton to the employee's current home,
      temporary housing while working in Shelton, CT, and costs incurred in
      selling his home and relocating his personal effects will be deducted from
      the Relocation Reimbursement up to the $65,000 limit specified above. The
      Employee acknowledges that his relocation must be completed no later than
      September 15, 2005. Relocation Reimbursement must be used in order to be
      paid. Should employee not use the entire $65,000 limit by September 15,
      2005 he forfeits the remaining balance.

      The Employee acknowledges that should he voluntarily leave the employment
      of the Employer within 12 months of his date of employment, he must
      immediately repay the

203 926 - 5600
              | www.clayton.com |
                  2 Corporate Drive, Shelton, Connecticut 06484

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[CLAYTON LOGO]

                         | CLAYTON TECHNOLOGIES, INC. |

      actual Relocation Reimbursement paid on behalf of or reimbursed to the
      Employee. If Employee leaves for cause the Relocation Reimbursement will
      be prorated.

VII.  TERMINATION:

      The rights and obligations set forth in the Employee Agreement shall
      survive any termination of this Agreement and Employee's employment with
      the Company at any time and for any reason.

      Upon termination of Employee's employment, Employee shall deliver
      forthwith to Employer all manner of identification, advertising materials,
      promotional items, sample contracts, and other materials Employer may have
      furnished Employee, or which Employee may have created or developed for
      Employer during Employee's employment, as well as all documents pertaining
      to Employer, including but not limited to correspondence with customers
      and potential customers, communications between Employer and Employee,
      customer and potential customer information including names, addresses and
      telephone and fax numbers and any other material not specified above but
      which contain Confidential Information (as defined below), as well as all
      other property of Employer in Employee's possession, custody or control,
      and Employee shall execute at the request of Employer, such documents and
      take such actions as necessary in order to reaffirm the covenants and
      obligations set forth in this Agreement; provided, however, that failure
      to request such reaffirmation shall not act as a waiver of any
      requirements of this Agreement.

VIII. BENEFITS:

      Employee shall be entitled to participate in any Employer established
      insurance plan(s) on the same terms and conditions as other employees of
      Employer and in a manner consistent with and in accordance with the terms
      and provisions of said plan(s).

      Employee shall be entitled to participate in any Employer established
      pension or retirement plan(s) on the same terms and conditions as other
      employees of Employer and in a manner consistent with and in accordance
      with the terms and conditions of said plan(s).

IX.   VACATION:

      Employer and Employee agree that Employee is entitled to earn up to 23
      days vacation on an annual basis commencing January 1st of each calendar
      year and that Employee will earn such vacation time at the rate of 1.92
      days per month of Employment. Vacation periods are not cumulative, but are
      to be taken annually. Vacation not taken during the year in which it is
      earned is forfeited.

203 926 - 5600
              | www.clayton.com |
                  2 Corporate Drive, Shelton, Connecticut 06484

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[CLAYTON LOGO]

                         | CLAYTON TECHNOLOGIES, INC. |

      If Employee's employment terminates, Employee will be paid for all
      accrued, unused vacation for the year of termination at Employee's then
      current salary rate.

      Vacation must be taken by Employee at such time or times as approved by
      Employer.

X.    BEST EFFORTS:

      Employee shall devote Employee's full business time, attention and effort
      to the affairs of Employer and its affiliates and shall use Employee's
      reasonable best efforts to promote the interests of Employer and its
      affiliates. Employee may engage in charitable, civic or community
      activities and, with the prior approval of the board of directors of
      Employer (the "Board of Directors"), may serve as a director of any other
      business corporation, provided that such activities do not interfere with
      Employee's duties hereunder or violate the terms of any of the covenants
      contained in Section X or the Employee Agreement.

XI.   CONFIDENTIALITY:

      "Confidential Information" means information and data not generally known
      outside Employer (unless as a result of a breach by Employee or others of
      any of the obligations imposed by this Agreement or a similar agreement or
      legal duty). It includes all confidential information of Employer, Parent,
      its other affiliates, and their customers, including, but not limited to:
      the terms, conditions and existence of this Agreement, research, design,
      development, strategies, production, presentation, methodologies, costs,
      expenses, margins and budgets; information and materials used in marketing
      or presenting the business of Employer, Parent or any of their affiliates
      including style, format and content; customer and potential customer lists
      and information pertaining to customer goals and strategies; prices and
      terms offered or paid for products and services; information and materials
      related to determining whether products and services should be offered or
      sold to a customer; supplier and contractor lists, contacts, prices,
      specifications and other information; techniques, procedures, processes,
      formulas, equipment, methods, technical data, know-how and compilations;
      business proposals and plans and financial and operational information and
      strategies; Employer's financial and capital structure; creditors, debtors
      and financial data of Employer, Parent or any of their affiliates; any
      material or information of whatever nature which provides Employer or
      Employer's customers an opportunity to gain an advantage over competitors;
      and any and all other trade secrets or proprietary and confidential
      information or materials of Employer or any customer or potential
      customer.

      Except as required in the course of representing Employer and in the
      furtherance of Employer's interests, Employee shall not use or disclose
      Confidential Information to any person or entity for any reason or purpose
      whatsoever during or after the term of Employee's employment by or other
      engagement with Employer. Employee shall immediately notify an officer of
      Employer of any information which becomes known to Employee which
      indicates that an unauthorized disclosure or use of Confidential

203 926 - 5600
              | www.clayton.com |
                  2 Corporate Drive, Shelton, Connecticut 06484

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[CLAYTON LOGO]

                         | CLAYTON TECHNOLOGIES, INC. |

      Information may have occurred or is likely to occur. Employee shall not
      publish or submit for publication any material based upon any Confidential
      Information without the prior written consent of an officer of Employer.

      Employee acknowledges that Employer has expended time, effort and money to
      obtain and develop the Confidential Information, and that the Confidential
      Information constitutes special, valuable and unique assets of Employer,
      without regard to whether or not any of the Confidential Information is
      embodied in tangible or intangible form.

      Employee shall protect all property of Employer, Parent and their
      affiliates (and property of customer(s) to which Employee has access
      because of Employee's employment by or other engagement with Employer)
      with the utmost care and shall not suffer or permit any such property,
      including, without limitation, copies of any such property or any
      proprietary works to be removed from Employer's offices or other locations
      without the consent of an officer of Employer. All materials containing
      Confidential Information are the property of Employer, Parent or the
      affiliate as the case may be. Employee acknowledges and shall adhere to
      Employer's, Parent's, and their affiliates' security policies and
      measures, including, but not limited to: (i) locking offices and file
      cabinets; (ii) enforcing and complying with Employer's sign in and out
      procedures; and (iii) provision of information only to those authorized to
      receive it, who have signed Confidentiality Agreements with Employer, and
      who need to know such information. In addition, Employee acknowledges and
      shall adhere to Employer's procedures concerning password-protected
      computer access and, among other things, shall safeguard and maintain the
      confidentiality of any and all such passwords used to access records or
      information.

      Employee acknowledges that the provisions of this Section X and the
      Employee Agreement are integral parts of Employee's employment
      arrangements with Employer.

XII.  REMEDIES:

      Employee recognizes that the remedy(ies) at law for violation of Section X
      of this Agreement and/or the provisions of the Employee Agreement will be
      inadequate and that in any event such damages will be substantial but not
      readily ascertainable and that Employer will suffer continuing and
      irreparable injury to its Business as a direct result of such violation.
      Employee agrees that if Employee should breach or fail to perform, or to
      threaten to breach or fail to perform any term, condition, or duty
      contained in this Agreement, Employer shall be entitled to institute and
      prosecute proceedings in any court of competent jurisdiction either in law
      or in equity to obtain the specific performance thereof by Employee or to
      enjoin Employee from violating the provisions hereof. Pending the outcome
      of any such litigation, Employer shall be entitled to obtain temporary,
      preliminary, and permanent injunctive or other relief, without bond.
      Employer shall be entitled to recover from Employee all reasonable
      attorneys' fees, court costs and related expenses incurred in enforcing
      this Agreement.

203 926 - 5600
              | www.clayton.com |
                  2 Corporate Drive, Shelton, Connecticut 06484

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[CLAYTON LOGO]

                         | CLAYTON TECHNOLOGIES, INC. |

XIII. ALTERNATIVE DISPUTE RESOLUTION:

      Except for injunctive relief available to Employer in connection with any
      breach or threatened breach of any provision of this Agreement, any
      dispute under this Agreement that cannot be resolved by the Parties, other
      than injunctive relief, shall be required to be resolved by binding
      arbitration of the parties hereto. Said arbitration will take place in
      Hartford, Connecticut (or such other location as the Parties mutually
      agree), with each party selecting an arbitrator and both arbitrators
      selecting a third arbitrator. The arbitration shall be governed by the
      rules of the American Arbitration Association then in force and effect.
      Any and all cost associated with said arbitration will be shared equally.

XIV.  MISCELLANEOUS PROVISIONS:

      (a)   AMENDMENTS AND MODIFICATIONS: This Agreement may be amended,
            changed, modified or altered only by an instrument in writing
            executed by the Parties.

      (b)   WAIVERS: Any waiver by any party of a breach of any provision of
            this Agreement will not operate as or be construed to be a waiver of
            any other breach of such provision or any other provision of this
            Agreement. The failure of any party to insist upon strict adherence
            to any term of this Agreement will not be considered a waiver of,
            nor shall it deprive, any party of the right thereafter to insist
            upon strict adherence to that term or any other term of this
            Agreement.

      (c)   SEVERABILITY: Every provision of this Agreement is intended to be
            severable. If any Section or provision, or sub-paragraph or
            sub-part, of this Agreement shall, for any reason, be adjudged by
            any court of competent jurisdiction to be invalid or unenforceable,
            such judgment shall not affect, impair or otherwise invalidate the
            remainder of this Agreement or the Section or provision, or
            sub-paragraph or sub-part, but shall be confined in its operation to
            the Section or provision, or sub-paragraph or sub-part, of this
            Agreement directly involved in the controversy in which judgment
            shall have been rendered. If any Section or provision, or
            sub-paragraph or sub-part, hereof is deemed unenforceable because of
            its scope in terms of area, time or business activities, or any
            other reason, the Court may modify such Section or provision, or
            sub-paragraph or sub-party, by reductions, additions, or limitations
            thereon, or otherwise, so as to be render the Section or provision,
            or sub-paragraph or sub-part, enforceable to the fullest extent
            permissible under applicable law.

      (d)   GOVERNING LAW: This Agreement shall be construed in accordance with
            the laws of the State of Connecticut and the obligations, rights,
            and remedies of the Parties hereunder shall be determined in
            accordance with such laws without reference to the principles of
            conflicts of law thereof. The parties hereby agree that they are and
            shall be subject to the jurisdiction of the courts of the State of
            Connecticut and the United States District Court for the District of
            Connecticut. Venue for all

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              | www.clayton.com |
                  2 Corporate Drive, Shelton, Connecticut 06484

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[CLAYTON LOGO]

                         | CLAYTON TECHNOLOGIES, INC. |

            actions or claims related to this Agreement or Employee's employment
            by or other relationship with Employer shall be in the State and
            Federal Courts located in Connecticut.

      (e)   HEADING: The headings of the various sections and paragraphs of this
            Agreement have been inserted for convenience and reference only and
            shall not be deemed to be a part of this Agreement.

      (f)   SUCCESSORS AND ASSIGNS: This Agreement shall inure to the benefit of
            and be binding upon Employer and its successors and assigns. Any
            successor or assign of Employer is authorized to enforce the
            restrictive covenants of this Agreement in Section X as if the name
            of such successor or assign replaced Employer throughout this
            Agreement. Since this Agreement is personal to Employee, Employee's
            obligation under this Agreement may not be assigned or transferred
            to any other person or entity.

      (g)   NOTICE: Any notices under this Agreement to any Party will be in
            writing and will be mailed registered mail, postage prepaid, or
            delivered by overnight carrier or express mail or personally
            delivered, addressed to the party at the following address or to
            such address as such party may designate by written notice.

            To Employer:

                  Clayton Technologies, Inc.
                  2 Corporate Drive
                  Shelton, CT  06484
                  Attn: Chief Financial Officer

            To Employee:

                  Lou Iannaccone

      (h)   ENTIRE AGREEMENT: This Agreement and its exhibits and attachments
            contain the entire understanding between the Parties and merges and
            supersedes all prior discussions and agreements with respect
            thereto, including, without limitation, all other agreements
            described in the preceding sentence.

                          [***SIGNATURES TO FOLLOW***]

203 926 - 5600
              | www.clayton.com |
                  2 Corporate Drive, Shelton, Connecticut 06484

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[CLAYTON LOGO]

                         | CLAYTON TECHNOLOGIES, INC. |

      IN WITNESS WHEREOF, the Parties have executed this Agreement as of the day
and year first written above.


                                     EMPLOYEE:


                                     By:/s/ Lou Iannaccone
                                        ------------------
                                        Lou Iannaccone


                                     EMPLOYER:

                                     CLAYTON TECHNOLOGIES, INC.


                                     By:/s/ Stephen M. Lamando
                                        ----------------------
                                     Name: Stephen M. Lamando
                                     Title: Chief Executive Officer

203 926 - 5600
              | www.clayton.com |
                  2 Corporate Drive, Shelton, Connecticut 06484