Fannie Mae and Freddie Mac Accountability and Transparency for Taxpayers Act of 2011 - Directs the Inspector General (IG) of the Federal Housing Finance Agency to submit quarterly reports to Congress on the IG's activities with respect to the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) and their activities and condition while they are in conservatorship status.
Amends the Housing and Community Development Act of 1992 to give the Federal Housing Finance Agency IG: (1) direct hire authority; and (2) law enforcement authority exempt from the condition that the Attorney General make an initial determination of the IG's eligibility to exercise such authority.