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Prohibits the Secretary of the Treasury from providing any assistance on behalf of any homeowner under the Home Affordable Modification Program (HAMP) under the Making Home Affordable initiative, authorized under the Emergency Economic Stabilization Act of 2008, unless before the enactment of this Act the homeowner was extended an offer to participate in such Program on a trial or permanent basis. Nullifies and terminates all contracts between the Secretary and mortgage servicers under HAMP, except with respect to such homeowners. Provides for use of unobligated HAMP funds for reducing the federal debt.

Housing Opportunity and Mortgage Equity Act of 2011 - Directs the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (government-sponsored enterprises or GSEs) each to carry out a one-year program providing for the refinancing of qualified single-family housing mortgages it owns through a refinancing mortgage (and for the purchase of and securitization of such refinancing mortgages) in accordance with this Act and the policies and procedures of the Federal Housing Finance Agency. Defines a qualified mortgage as one, regardless of whether the mortgagor is current on payments due or in default, that: (1) is an existing first mortgage for purchase of, or refinancing another first mortgage on, a one- to four-family dwelling, including a condominium or a share in a cooperative ownership housing association, that is occupied by the mortgagor as principal residence\; (2) is owned or guaranteed by the particular GSE\; and (3) was origi

To repeal the Dodd-Frank Wall Street Reform and Consumer Protection Act (Public Law 111-203) and revive the provisions of law amended by such Act or restored as if such Act had not been enacted.

To require the Inspector General of the Federal Housing Finance Agency to submit quarterly reports to the Congress during the conservatorship of the Federal National Mortgage Association and the Federal Home Loan Mortgage Corp.

To prohibit certain restraints of competition adversely affecting automobile dealers.

To amend title 11 of the United States Code to include firearms in the types of property allowable under the alternative provision for exempting property from the estate.

Provides a number of provisions governing liability in response to the BP oil spill, including amending the Bankruptcy Code to prohibit a trustee in bankruptcy from selling or leasing, except in the ordinary course of business, any property of the estate of a debtor that is liable for a claim arising from an incident under the Oil Pollution Act of 1990, to a purchaser (together with any affiliate) in an aggregate dollar amount exceeding a specified amount under the Clayton Act unless: (1) the purchaser (and affiliate) agree as a condition of the sale to pay the amount of allowed unsecured claims arising from the incident not paid by the debtor\; or (2) all classes of unsecured claims approve the sale of such assets.

To amend title 11 of the United States Code to modify the dischargeability of debts for certain educational payments and loans.

To amend the Securities Investor Protection Act of 1970 to provide insurance coverage for certain indirect investors caught in Ponzi schemes, and for other purposes.