And here's a scatterplot of foreclosure filing rate (vertical axis) v. share of total home purchase lending in 2006 that went to minorities by way of subprime mortgages:
r = 0.89.
It's important to note that you won't get the same insanely high correlation coefficient across the whole country. There's no where to go but down from r = 0.89. There are heavily Hispanic areas like the Rio Grande Valley where the economy is so dull and the cultural level so low that there was never a Housing Bubble. Same for black areas in Mississippi and the like.
Still, California is absolutely the central thread to understanding what went wrong with the economy, and the pattern is absolutely clear in California.
Read the article here.