President Obama unveiled a new plan Monday to help U.S. homeowners who owe more than their properties are worth. Speaking in Las Vegas, Obama said the change would make it easier for many homeowners to refinance their loans.

President Obama: “Number one, the barrier will be lifted that prohibits responsible homeowners from refinancing if their home values have fallen so low that what they owe on their mortgage is 25 percent higher than the current value of their home. And this is critically important for a place like Las Vegas, where home values have fallen by more than 50 percent over the past five years… Second, there are going to be lower closing costs, and certain refinancing fees will be eliminated, fees that can sometimes cancel out the benefits of refinancing altogether, so people don’t bother to refinance because they’ve got all these fees that they have to pay. Well, we’re going to try to knock away some of those fees.”

Analysts predict the change will help about one million homeowners—just a fraction of the country’s 11 million underwater borrowers. The Huffington Post reports one of the program’s new terms will benefit private-sector Wall Street banks, potentially at the expense of taxpayers.