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In 2008* the Washington Post reported (and its principal source was clearly Franklin Raines) that Raines was offering financial advice to Obama:

In the four years since he stepped down as Fannie Mae's chief executive under the shadow of a $6.3 billion accounting scandal, Franklin D. Raines has been quietly constructing a new life for himself. He has shaved eight points off his golf handicap, taken a corner office in Steve Case's D.C. conglomeration of finance, entertainment and health-care companies and more recently, taken calls from Barack Obama's presidential campaign seeking his advice on mortgage and housing policy matters.

Now that John McCain has come out with a video attacking Obama's judgment for, among other things, relying on the advice of Raines, Raines denies that connection:

Raines said in the statement through the campaign, "I am not an advisor to Barack Obama, nor have I provided his campaign with advice on housing or economic matters."

Through a spokesman so did Obama:

This is another flat-out lie from a dishonorable campaign that is increasingly incapable of telling the truth. Frank Raines has never advised Senator Obama about anything -- ever. And by the way, someone whose campaign manager and top advisor worked and lobbied for Fannie Mae and Freddie Mac shouldn't be throwing stones from his seven glass houses.

Who to believe -- and when?

* thanks to readers who notified us of an earlier typo here.

Obama and Raines: then and now