Just my 2 cents:
In general, when I hear someone saying "no blacks" or "no Asians" I don't think they don't like them not because they are black or Asian per se, but because they don't have European features.
That's why many times whites will go after Latinos and not blacks/Asians. Since Latino/Hispanic is a CULTURAL and geographic conation and not a racial one, many Latinos can be ethnically white yet still culturally Latino. Whenever a white person says they love Latinos, they really mean a Latino that is exotic enough to not look like themselves, yet not too different where he looks black or Asian. No offense.
The stereotypical "hot Latino" that white guys want would look something like this:
Mexican Actor Aaron Diaz:
or this; Spanish Model Miguel Iglesias
Not like George Lopez.
Hispanic is the term used for the cultural influence of the Spanish (Spain) in the Western Hemisphere.
Someone from Spain would be Hispanic.Enrique Iglesias, Penelope Cruz, would be Hispanic, but not Latino.
Latino is more of a geographic term used for Latin America. So it pretty much includes everything south of the US and the Caribbean. (Except Haiti (French) Jamaica (British) and a few others.)
A Brazilian would be Latino, but not Hispanic, since Brazil was not a Spanish colony. (It was Portugal)
Most of the times the terms are interchangeable, but most Latinos/Hispanics would know the difference. That's why calling someone from Spain a Mexican or confusing Cuba and Puerto Rico will get you an eye-roll from Latinos. It would be like calling an American a Canadian.