  We study the $p$-wave polarization operator of the $\rho$-meson due to $\rho
N$ interactions via the $N^*$ (1720) and $\Delta (1905)$ resonances and compute
the corresponding production rate for $e^+e^-$-pairs at finite temperature and
baryon density. At high baryon density we find a significant shift of the
spectrum to lower invariant masses.
