Losses on commercial real estate loans could top $150 billion by the end of 2011, meaning banks have just started dealing with the problem, Moody's Investors Service said.

The 65 U.S. banks rated by Moody's lost $43 billion on CRE credits from 2008 through the third quarter of 2009. Those lenders are projected to lose another $77 billion through the end of next year, the firm said in a report late last week.

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