1) Adj., Something widely recognized as factual. It typically includes quasi-science, celebrity gossip, irrelevant news stories, and other sensational garbage. It is on the cover newspapers (mostly tabloids) one day, and has faded into an oblivion the next. Usage often implies sarcasm.
2) Adj., Used in place of bullshit -- connotation is more positive.
"According to the National Enquirer, 65% of women have been sexually molested by age 4."
"That's clearly fact...acular."
"Who are you voting for in the upcoming election?"
"Because he'll defend my morals."