Disaster Loan Fairness Act of 2007 - Amends the Community Disaster Loan Act of 2005 and the Emergency Supplemental Appropriations Act for Defense, the Global War on Terror, and Hurricane Recovery, 2006 to repeal provisions that prohibited the cancellation of certain loans under the Robert T. Stafford Disaster Relief and Emergency Assistance Act to assist local governments in providing essential services and to assist local governments affected by Hurricane Katrina and other hurricanes of the 2005 season, respectively. (Makes this Act effective on the enactment date of the Community Disaster Loan Act of 2005.)