Latex paint with do the the job. In my neck of the woods there use to a siding called "insulbrick" that were basically asphalt shingles made to look like brick for the familys that couldn't afford a brick house. Pre-dates aluminum and vinyl siding. Having painted several houses with latex paint (last one being a pale yellow over red insulbrick) I know it can be done and last several years. On occasion I have seen asphalt shingle roofs painted. Talking about houses in the northeast and near the ocean so PAINT ON.