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Preheat oven to 350 degrees.
In a large mixing bowl cream together butter, cream cheese, sugar and vanilla. Add eggs, one at a time, beating well after each addition.
In another bowl combine flour, baking powder and salt. Slowly mix into wet batter until combined. Fold in cranberries and nuts.
One or two greased 9 in. x 5 in. loaf pans. Bake at 350 degrees for 60 minutes if using two loaf pans. If using one loaf pan bake for about 90 minutes. You can also use 4 mini loaf pans for 40 minutes.