Freddie Mac's new chief executive, Donald Layton, urged critics to keep an open mind about the troubled GSE and pledged to focus on "the nuts and bolts" to improve efficiency.

"The first thing I have to do is a lot of homework, a lot of studying, a lot of talking to people. It's important not to prejudge them," Layton said in an interview with American Banker about an hour after he was officially named to the job Thursday afternoon. "The core component of the job is to make sure it runs as a high-quality operation, that it process guarantees, and gets the nuts and bolts done first. The company says it has issues with that."

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