NEW YORK ( TheStreet) -- It would be an easy solution to a lot of problems.

Bank of America ( BAC) is searching for a new chief executive officer. Al de Molina, a former Bank of America executive and current GMAC CEO, is on the short list -- or off, depending on the latest speculation. Why not bring the two bailout corporations together in a marriage of convenience?

Both companies are in massive debt to the U.S. Treasury. Bank of America received $45 billion, and GMAC has gotten $13.4 billion to date.

GMAC is looking for additional capital to meet the Treasury's requirements, which include maintaining a 15% total risk-based capital ratio for three years, far higher than that for a regular bank. It also needs access to liquidity, such as the recently announced $2.9 billion raised through a bond issue backed under the FDIC's Temporary Liquidity Guarantee Program.

GMAC may potentially need an additional $5.6 billion by Nov. 9. If the value of GMAC's assets has improved since bank "stress tests" results were released in May, as is likely, a smaller amount could satisfy the requirements.

Despite complaints about favoritism over bankruptcy treatment, GMAC is more than twice as big as CIT Group ( CIT), the commercial lender that filed for bankruptcy Nov. 1 after a U.S. bailout and debt-exchange offer failed. GMAC, which has a $181 billion balance sheet, is supporting the hopes and fears of thousands of General Motors ( MTLQQ) and Chrysler dealerships. To abandon GMAC would be irrational, even if you didn't support the bailout of the carmakers.

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