Heat oven to 350°F. Grease 2-quart casserole with shortening or spray with cooking spray. In 3-quart saucepan, cook white chocolate and milk over medium heat about 5 minutes, stirring frequently, until white chocolate is melted (do not boil). Stir in bread cubes; set aside.
In large bowl, beat eggs. Stir in all remaining bread pudding ingredients until well blended. Stir in bread mixture. Pour into casserole.
Bake 45 to 55 minutes or until knife inserted in center comes out clean. Cool on wire rack 30 minutes.
Meanwhile, in 2-quart saucepan, combine all sauce ingredients. Cook over medium heat about 4 minutes, stirring constantly, until mixture comes to a boil and thickens.
Place strainer over 2-cup serving bowl; pour raspberry mixture into strainer. Press mixture with back of spoon through strainer to remove seeds; discard seeds. Serve warm bread pudding with sauce.