Considering the controversy caused by Countrywide's VIP mortgage program, about which CREW has requested investigations [0] 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. [1], 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) [2] 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.