Most of the wealth of blacks and hispanics came from growth in home equity in the real estate bubble. In the critical states, like CA, real estate prices in really crummy neighborhoods got run up by all the questionable loans and now have gone back to lower levels. In the meantime, a lot of those people refinanced to take cash out and are now broke again.
They are trying to get support for more bad lending and redistribution of wealth at the expense of the real middle class..white, black and khaki.
. . . or back in Mexico living the good life. I think it was a poster here who wrote that he knew of illegals buying a house during the run up, then after six months, selling it to a relative for $50K more, rinse and repeat a couple of times. Then after about a $200,000K profit the last seller and buyers all skip and let the house go into foreclosure.