It’s incredible how “inevitability” is so easy to determine with the benefit of hindsight.

More on the Fed’s plan:

Bernanke said that the Fed is prepared to issue new lending rules next week to restrict exotic mortgages and high-cost loans for people with weak credit. The details of the program, first announced in December, have been undergoing revisions but are expected to include requirements that lenders document borrowers’ incomes and verify that they could make the mortgage payments, including the higher payments that come when adjustable-rate loans reset.

The market is already working things out, as painful as that “working out” may be …