Geithner: Bank payback $25 billion over next year

Treasury Secretary Timothy Geithner said Wednesday a new public-private partnership to help U.S. banks shed their bad assets will begin operating in the next six weeks.

The program would combine up to $100 billion in government funds with private investments in hopes of building a purchasing pool of up to $1 trillion.

Bank lending has in part been hindered by the amount of real estate-related loans and securities on their balance sheets. Treasury has received applications from more than 100 potential fund managers to help run the program. Geithner said Treasury will inform applicants of their preliminary approval in the "next several weeks."

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