"The GSEs should not be fully privatized at this time. There continue to be serious concerns that in a fully privatized system, in which the GSEs are sold off to the secondary market, small, community-based financial institutions could be shut out of the secondary market. Any privatization efforts should be gradual and ensure that credit unions have continued access to the GSEs and the secondary mortgage market."
What do they mean by "not fully privatized"? How can something be partially privatized?