Yeah, I don't know if it's race-baiting.
But it's definitely a lie. Another example of John McCain's sad collapse into dishonor and dishonesty. Washington Post:
The McCain campaign is clearly exaggerating wildly in attempting to depict Franklin Raines as a close adviser to Obama on "housing and mortgage policy." If we are to believe Raines, he did have a couple of telephone conversations with someone in the Obama campaign. But that hardly makes him an adviser to the candidate himself -- and certainly not in the way depicted in the McCain video release.