While the search for a new CEO at Fannie Mae is still in the early stages, one horse seems to be standing out from the pack internally. GC Timothy Mayopoulos reportedly has emerged as the leading internal candidate to take over for CEO Michael Williams, who has announced plans to step down this year, according to the Wall Street Journal.

Mayopoulos, formerly GC at Bank of America (BofA), joined the federal mortgage association in 2009. During his tenure at Fannie, Mayopoulos is credited with leading the organization through an increasingly litigious minefield. However, he's had to recuse himself from dealing with any BofA matters, of which there have been plenty since the bank acquired Countrywide Financial Inc. during Mayopoulos' time at the bank.

While the search for a new chief executive at Fannie currently is ongoing, the company is placing a great deal of focus on vetting external candidates as well, with some experts expecting the organization to prefer bringing in outside help. However, the Journal reported that Fannie has not yet whittled the external candidates down to a short list.