Place bread, 4 ounces chocolate, cranberries and cream cheese in a greased 8×8 baking pan.
In a large bowl combine sugar, milk, half and half, eggs, vanilla, cinnamon and nutmeg. Pour mixture over bread. Toss gently with a large fork or spoon, pressing bread into milk mixture.
In a small bowl, stir together the brown sugar and flour. Cut in butter until mixture resembles coarse crumbs. Stir in pecans and 2 ounces of chopped white chocolate. Sprinkle over the bread pudding and bake at 375 for 50 minutes. Allow to cool slightly and serve with whipped cream or ice cream, if desired