Disaster Assistance Recoupment Fairness Act of 2011

Disaster Assistance Recoupment Fairness Act of 2011 - Authorizes the Administrator of the Federal Emergency Management Agency (FEMA) to waive a debt owed to the United States relating to federal assistance provided under the Robert T. Stafford Disaster Relief and Emergency Assistance Act to individuals and households in relation to a major disaster declared by the President during the period of August 28, 2005-December 31, 2010, if: (1) such assistance was distributed based on an error by FEMA, (2) there was no fault on behalf of the debtor, and (3) the collection of the debt would be against equity and good conscience. Prohibits the Administrator from waiving such a debt that involves fraud, the presentation of a false claim, or misrepresentation by the debtor or any party having an interest in the claim.

Directs the Inspector General of the Department of Homeland Security (DHS), at 3-month intervals until 18 months after this Act's enactment, to submit a report that assesses the cost-effectiveness of FEMA's efforts to recoup improper payments under the individuals and households program under such Act.