Carlsbad-based home builder in financial trouble

One of North County's largest home builders is struggling to raise enough money in bank loans to pay its bills, forcing it to search for new investors, the company president said Tuesday.

The housing recession appears to have damaged the financial standing of Barratt American, a private builder based in Carlsbad. More than 40 civil lawsuits, many from subcontractors suing over failure to pay, have been filed against the company in the last six months.