Butter a 9- x 13-inch baking dish or spray with baking spray. Heat oven to 375°.
In a bowl, combine the beaten eggs, 1 1/2 cups sugar, 1 teaspoon vanilla, 1/2 cup of butter, and the sweetened condensed milk. Beat with an electric mixer until well blended. Beat in the hot water until well mixed.
Tear the bread up into small pieces and put in the prepared baking dish. Pour the egg mixture evenly over the bread. Sprinkle with the cinnamon and chopped pecans.
Bake for 25 to 30 minutes, or until set. Let stand for about 10 minutes before serving.
In a saucepan, combine flour and sugar. Add the butter, milk, and vanilla and cook, stirring, until slightly thickened. Serve warm over bread pudding.
Calories per serving: 351