Grease 13x21x6-inch pan. Cut each doughnut into 8 pieces. Place in bottom of pan.
In large bowl, beat together eggs and milk.
In separate bowl, stir together nutmeg and cinnamon (equal parts), sugar, vanilla and raisins. Spread atop doughnuts. Pour egg mixture over all. Stir and let sit about 30 minutes; stir again. Bake in 350°F oven 30-45 minutes, until pudding is brown.
NOTE that doughnuts cut better if refrigerated 2-3 days prior.