Most people finance large purchase such as houses and cars with loans that are tied to those assets. When they sell the asset, they pay off the loan as part of the transaction if it has not been paid off before, and obtain new a new loan if they procure a new asset as part of the transaction. Why not allow people to keep their financing in place, but trade the underlying asset? The idea would be similar to having a line of credit, but it would differ in that the person would have to have it secured by tradeable assets.
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Some mortgages in the past when interest rates were very low have been transferable. But consider: A new purchaser will have a different credit history than the original purchaser. If the new purchaser is a better credit risk, chances are good that they can get better terms. If they're a worse credit risk, the bank is going to want different terms.
In a relatively new mortgage, the savings will be slight, since you'd still have a lot of the same costs involved in transferring the mortgage as in originating it. And in an older mortgage, there'd be too much of the principal already paid- why would you assume an existing mortgage that required you to put down 50%? Even it you wanted to put down 50% or more- say, from the sale of an existing house- you'd do better to originate a new mortgage, since you'd be paying proportionally more interest- whcih is tax deductible- up front.