I should also point out that bundling and selling credit also happens with credit cards. I almost got in a bit of trouble years ago because I started getting stuff in the mail from Bank of America, but since I didn't have an account with B of A I assumed it was junk and threw it out. Until I realized that I hadn't been getting bills for my credit card, and discovered that MBNA had sold my credit account to B of A, and I was delinquent on my payments.
So far reselling credit card accounts has not yet led to problems. But the huge number of credit card offers that go out to just about everybody may be the result of relaxed standards due to the removal of direct consequences to the lenders. Also, some years ago the major credit card companies managed to get Congress to make filing for personal bankruptcy a lot harder. If credit cards go south, we will be in a depression.
As stated, the reselling of credit card debt hasn't made trouble yet, but if it's been as sloppily handled as mortgages, this is bad. And if a lot of people default on their credit card debts-- as may well happen if the economy gets bad, this could amplify the effects.
For what it's worth, excessive credit card offers have been going out for years, so it's not the result of any recent changes.