Considering the controversy caused by Countrywide's VIP mortgage program, about which CREW has requested investigations by the House and Senate Ethics Committees, it's probably no wonder the company is shutting down its political action committee:

The political arm of embattled Countrywide Financial Corp., which has donated more than a half-million dollars to candidates and political groups since 2005, is shutting down amid a corporate buyout and ongoing inquiries into whether lawmakers got sweetheart deals from the California-based subprime lender.

Countrywide's Washington-based political action committee filed termination papers with the Federal Election Commission (FEC) on Friday. The report doesn't say why the PAC is shuttering, and its treasurer did not return telephone and e-mail messages on Tuesday seeking comment.

The firm's shareholders recently approved a deal for its takeover by Bank of America.

The company also has been hit with unwanted publicity over its lending practices and reports of a so-called "Friends of Angelo VIP" program, where prominent people got favorable loans through Countrywide's chief executive, Angelo R. Mozilo.