President Barack Obama is bypassing Congress with his latest effort to jumpstart the economy.

The president laid out changes Monday to the 2-year-old Home Affordable Refinance Program that he says will make it easier for homeowners to cut costs and other issues associated with refinancing.

Obama discussed the initiative during a meeting with homeowners Monday in Las Vegas.

An administration official said the housing initiative will help homeowners with little or no equity in their homes.

The changes would remove limits for people who owe more than their homes are worth.

The federal refinancing program only covers mortgages created before June 2009 and owned or backed by government-controlled mortgage buyers Fannie Mae and Freddie Mac. Borrowers also must be current on their payments.

Obama also unveiled the catchphrase "We Can't Wait" -- his latest in a string of slogans aimed at placing blame for the economy on Republicans.

GOP leaders maintain that the sluggish economy is the result of Obama administration policies.

In addition to the refinancing program, the White House said Obama will later this week efforts to help students better manage their student loan payments.