Updates: Is Frankin Raines advising Obama or not?

McCain runs a new ad quoting the Washington Post that says Raines is advising Obama on housing policy matters. Obama denies this. Who are the Post's sources?

Byron York is trying to tie up the loose ends today, but he's linking to stories I read in August where Raines is touting his access as he revives his reputation after Fannie.

It's the Washington Post vs Obama. Who is right?

Update: This post will be updated all day. This story turning very ugly, very fast.

Time Magazine's Karen Tumulty, a reporter I find to be among the most reasonable, fair minded go getters in the business, is accusing the McCain team of playing the race card. Unbelievable. Newsbusters and Patterico both have reactions to this. Tumulty has this to say.

Let me stipulate: Obama's Fannie Mae connections are completely fair game. But this ad doesn't even mention a far more significant tie--that of Jim Johnson, the former Fannie Mae chairman who had to resign as head of Obama's vice presidential search team after it was revealed he got a sweetheart deal on a mortgage from Countrywide Financial.

No Jim Johnson means the ad is racist? Whoops. The Jim Johnson ad from Team McCain is out today with plans for a national ad buy.

When mainstream reporters speculate publicly on blogs they look foolish, but lets see how they react when you remind them of their commentary. Bloggers on the other hand openly speculate about reports and rumors all the time, but when they're not sure they use a question mark.

Team Obama is vulnerable on his connections to Fannie Mae, his love of ACORN, and Fannie Mae's family embrace of Obama and ACORN. This move to push the race card into these ads is alarming.