When you removed the card, did you push down and let it spring out or did you just pull it out with a fingernail or something? If it came out properly, I can't really see how the latch would be stuck in the down position.
You might try pressing down on the latch with a tootpick or some other thin, non-metallic object to see if you can get it to move up or down.
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Dave
Fint print: If anything happens to your Pocket PC or your warranty is voided as a result of doing something I suggested, I'm not liable. You do this of your own free will. 