The "bundling" is quite different here.  In the U.S. it was a bundle of many different mortgages that were resold as a high-grade investment, even though mort of the mortgages in the bundle were not of very good quality.

The "bundling" discussed in this article is two loans for a single person, one a regular mortgage and the other essentially being an unsecured loan used for the downpayment for the mortgage.

That being said, the underlying issue isn't entirely dissimilar in that you have people who can't really afford the house they are buying, and therefore at a high risk of defaulting, obtaining loans where the details are intentionally obfuscated from lending regulators.