Newport Beach:
610 Newport Center Drive, 17th Floor
Newport Beach, CA 92660


Elizabeth L. McKeen


Elizabeth Lemond McKeen is Managing Partner of O'Melveny's Newport Beach office and the Co-Chair of the Financial Services Practice. She represents mortgage lenders, servicers, banks, credit reporting agencies, and other financial services institutions in complex civil litigation including class actions, as well as regulatory enforcement actions.

Liz has litigated numerous matters under the Fair Housing Act, the Equal Credit Opportunity Act, the Fair Credit Reporting Act, the Fair Debt Collection Practices Act, the Real Estate Settlement Procedures Act, the Truth In Lending Act, the Gramm-Leach-Bliley Act, the National Flood Insurance Act, the bankruptcy code, and the consumer protection statutes of nearly every state. Liz also has extensive experience litigating cases involving California Business & Professions Code Section 17200 and the Consumer Legal Remedies Act.

In addition to litigation matters, Liz provides strategic regulatory and compliance counseling, with a focus on mortgage servicing and foreclosure-related issues. Liz has led a team advising several of the country’s largest mortgage servicers regarding their obligations with respect to regulatory consent orders. Liz has also led compliance reviews of borrower-facing communications, bankruptcy processes and related servicing issues.

In 2013, the Daily Journal selected Liz as one of California’s “Top 20 Under 40” attorneys. In 2012, Liz was named by Law360 as one of five Rising Stars Under 40 nationwide in the field of class actions.

Illustrative Professional Experience

  • Negotiated precedent-setting consent order with CFPB and FTC in threatened joint enforcement action against major non-bank mortgage servicer;
  • Achieved dismissal of putative lender placed insurance class action on preemption grounds;
  • Obtained decertification of nationwide class of 129,000+ African American borrowers in mortgage lending discrimination disparate-impact ECOA/FHA case;
  • Obtained summary judgment in favor of mortgage servicer in declaratory judgment action against trustee, seeking right to perform loan modifications;
  • Representing mortgage servicer in putative class action relating to HAMP trial payment plan communications;
  • Representing reverse mortgage originator and servicer in putative class action involving lender placed flood insurance;
  • Secured summary judgment in putative consumer fraud action involving termination of co-branded credit card rewards program;
  • Achieved dismissal of putative class action against servicer concerning borrowers’ rights under HAMP loan modification program;
  • Obtained dismissal of putative class action against mortgage servicer regarding TILA disclosure requirements in connection with loan modifications;
  • Representing mortgage servicers regarding residential foreclosure compliance issues, including compliance with OCC and OTS consent orders;
  • Representing subprime mortgage originator in lending discrimination enforcement actions and investigations by state attorneys general;
  • Represented mortgage servicer in SEC investigation involving disclosures relating to mortgage-backed securities;
  • Obtained precedent-setting preemption decision from Seventh Circuit in multi-district litigation proceeding involving dozens of putative class actions concerning servicing conduct, including bankruptcy-related servicing practices;
  • Representing mortgage servicer in third-party subpoena in action involving diligence performed in connection with mortgage-backed securities;
  • Represented national credit bureau in then-largest nationwide privacy class action;
  • Represented mutual insurance company in putative class action alleging unfair business practices in connection with the payment of dividends.

In addition to being frequently quoted by publications, including the New York Times, Liz is a frequent speaker on emerging trends in class action litigation, including defense strategies in actions involving mortgage and credit transactions.

Professional Activities

Admitted to Practice, U.S. District Courts for the Central, Eastern, Southern, and Northern Districts of California; U.S. District Court for the Northern District of Illinois; U.S. Courts of Appeal for the First, Third, Sixth, Seventh, Ninth, and Tenth Circuits
Board Member, Orange County Association of Business Trial Lawyers
Editor, Federal Bar Association, Orange County Newsletter (2002-2005)
Co-Author, "Mortgage Underwriting - The Qualified Mortgage and Ability to Repay Rules," The Banking Law Journal (October 2012, with Trevor Lain and Dixie Noonan); "The Use of Eminent Domain To Write Down Mortgage Notes," Westlaw Journal Securities Litigation & Regulation (December 2012, with Danielle Oakley and Ashley Pavel); "The Credit Crisis: Give History Some Credit," National Law Journal (September 15, 2008) (with Brian P. Brooks)
Honors, Named one of California’s “Top 20 Under 40” by the Daily Journal (2013); named a “Rising Star” in the field of class actions by Law360 (2012); named a “Rising Star” in a survey conducted by Law & Politics Media Inc. and published in Los Angeles magazine and the Southern California edition of Super Lawyers (2006, 2007, 2008)

University of Virginia, J.D., 2001: Managing Board, The Journal of Law and Politics

Brown University, B.A., 1998, Psychology


Legal Developments in Consumer Financial Services (July 2013)

Legal Developments in Consumer Financial Services (June 2013)

Legal Developments in Consumer Financial Services (May 2013)

Legal Developments in Consumer Financial Services (March 2013)

Legal Developments in Consumer Financial Services (February 2013)

CFPB Issues Final Ability-To-Repay and Qualified Mortgage Rule (Financial Services) 

Mortgage Underwriting - The Qualified Mortgage and Ability to Repay Rules (The Banking Law Journal, October 2012)

CFPB Issues New Mortgage Servicing Regulations (Financial Services)

The CFPB is “Open for Amicus Suggestions” (Financial Services)

The Use of Eminent Domain to Write Down Mortgage Notes (Financial Services)

Mortgage Underwriting - The Qualified Mortgage and Ability to Repay Rules (Financial Services)

CFPB Issues Report to Congress on Reverse Mortgages (Financial Services)

Integrated Mortgage Disclosures (Financial Services)

Preemption of State Disclosure Laws (Financial Services)

Governor Brown Signs Homeowner Bill of Rights (Financial Services)

Legal Developments in Consumer Financial Services (June 2012)

Freeman v. Quicken Loans, Inc.: The U.S. Supreme Court Holds That Unearned Fee Must Be Divided Between Two Parties In Order to Establish a Violation of Section 8(b) of RESPA (Financial Services)

Legal Developments in Consumer Financial Services

UCC Editorial Board Issues Report on Application of the UCC to Mortgage Notes (Financial Services)
Supreme Court Grants Certiorari Petition in Freeman v. Quicken Loans, Inc. (Financial Services)

The OCC Issues Final Rulemaking Concerning Preemption and Visitorial Powers In Response To Dodd-Frank (Financial Services)