Statement from Frank Raines on the ad: "I am not an advisor to Barack Obama, nor have I provided his campaign with advice on housing or economic matters."
 
"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," said Obama-Biden campaign spokesman Bill Burton.