Hostess is in talks to sell off bread brands, as makers of Thomas' English muffins and Tastykake snacks emerge as two of the bidders for Wonder Bread according to the Wall Street Journal.

Hulu CEO resigns as web TV startup faces impasse.

NHL resolves labor dispute, faces shortened season.

Apple envy one of Fast Company's suggested New Year's Resolutions for brands.

Bank of America settles with Fannie Mae for $10 billion.

BMW is paring back car discounts in Germany.

CES lures brands and marketers to Las Vegas.Continue reading...

Five years after the housing market crumbled, the U.S. government is still sorting out who to blame. The latest indictment is of Bank of America, the second-largest U.S. bank, now facing a $1 billion lawsuit for allegedly (along with predecessor Countrywide Financial) selling fraudulently approved loans to government-backed Fannie Mae and Freddie Mac.

The civil mortgage fraud suit was filed Wednesday by Preet Bharara, the U.S. attorney for the Southern District of New York, accusing Countrywide, acquired by BofA in 2008, of promoting “HSSL,” (High Speed Swim Lane), a.k.a. “the Hustle” (no, not that "Hustle") in order to eliminate quality checkpoints and push higher volumes of mortgages between 2007 and 2009.Continue reading...

Bank of America slapped with U.S. lawsuit over billion-dollar "hustle" of Freddie Mac and Fannie Mae.

Elizabeth Taylor is Forbes' new Top-Earning Dead Celeb thanks to Christie's auction.

Apple's iPad mini already has a Chinese knock-off, while US judge says Samsung infringed four Apple patents.

Facebook wins back Wall Street, affirms social dominance and shares soar as looks to rebuild confidence.

AT&T beats estimates in latest quarterly earnings report.

BlackBerry loses grip as go-to phone for US federal government.

Buzzfeed taps Rdio for "social music advertising."

Cisco will fund 12,000 meals for World Food Program via Facebook app.

Tom Cruise sues gossip magazines for defamation of character.Continue reading...

The FCC calls off network neutrality talks as Google and Verizon deny a New York Times report that they're in "secret talks" about a unified tiered approach to online bandwidth management, although the FT hears that such an agreement is indeed imminent.

GM dangles a lifetime warranty for its Opel and Vauxhall brands to European car-buyers (the continent's first such offer) — "lifetime" meaning up to 100,000 miles, that is. GM CEO Ed Whitacre, meanwhile, says he welcomes an IPO to shake "Government Motors" nickname while Ford receives a new federal loan guarantee.

Add Lebanon to the list of countries contemplating a BlackBerry blackout over security concerns, with Saudi Arabia's ban taking effect tomorrow — although 11th hour talks are under way. Bloomberg reports that U.S. and Canadian government officials are now involved in Research in Motion's talks with skittish foreign governments, with the BBC noting that U.S. Secretary of State Hillary Clinton will discuss the BlackoutBerry crisis with the UAE.

BP finished pumping cement into its damaged Gulf of Mexico oil well to seal it off.

News from Chevrolet, Adobe, Pfizer and more after the jump.Continue reading...

The New Yorker opened its archives in memory of J.D. Salinger. [Business Insider]

Post-iPad reveal, consumers wait patiently for a reaction from Amazon. [CNN Money]

Wal-Mart consolidates into three regions and reorganizes its operations. [NY Times]

Internet users in China have access to faux Google and YouTube sites. [Boston Herald]

NBC and Comcast collaborate to receive approval for merger. [Washington Post]

Ronald Burkle looking to spend some of his billions on Barneys New York. [WSJ]Continue reading...