FEMA Recoupment Fairness Act of 2011 - Directs the President to forgo recoupment of liabilities to the United States relating to 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 between August 28, 2005, and December 31, 2010, if: (1) such assistance was provided based on an error by the Federal Emergency Management Agency (FEMA); and (2) there was no fault on behalf of the recipient with respect to the error, including fraud, presentation of a false claim, or misrepresentation by the recipient or any party having an interest in the claim.
Directs the Inspector General of the Department of Homeland Security (DHS) to submit to specified congressional committees a report assessing the cost-effectiveness of the efforts of FEMA to recoup erroneous assistance provided for such a major disaster or other catastrophic incident.