~In medium saucepan, over medium heat, heat milk until film forms over top. Combine butter and milk, stirring until butter is melted. Cool to lukewarm.
~Combine sugar, eggs, cinnamon, nutmeg, and vanilla. Beat with an electric mixer at medium speed for 1 minute. Slowly add milk mixture.
~Place bread in a lightly greased 1 1/2 quart casserole.
~Sprinkle with raisins. Pour batter on top of bread.
~Bake at 350 degrees F for 45 to 50 minutes or until set. Serve warm.