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The Colorado Court of Appeals threw Martin’s appeal out of court with no chance to bring U.S. Bank’s fraudulent appraisal to a jury trial. Even after 200,000 Coloradans have been thrown out of their houses by Big Banks like U.S. Bank. Martin, a lawyer since 1986, tried to exercise Colorado’s lender fraud act [C.R.S. 38-40-105 (1)(b)] for the first time in Colorado’s history! This is the only statute that allows a consumer to sue a bank for appraisal fraud and get triple damages and attorney fees. But not so fast. "Martin did not allege that U.S. Bank knew or should have known the appraisal was too high." Martin’s Complaint says, “ U.S. Bank perpetrated a predatory home equity loan for $250,000 by falsifying the value of 340 Cottonwood Court in March of 2005. U.S. Bank blatantly created an illusory security interest using their own appraiser to create at least a 33 percent over-valuation of 340 Cottonwood Court, forming an unconscionable loan.” Martin called U.S. Bank a crook in so many words, but Colorado’s Court of Appeals holds that Martin failed to say U.S. Bank knew what it was doing! This is the justice Colorado courts hands out to former homeowners, 200,000 of them. More to come – what will the Colorado Supreme Court do? Will they keep Big Bank monies flowing to their re-election campaigns? Or will they enable Colorado’s lender fraud statute to help consumer fraud victims? |