Old Fashioned Bread Pudding with Vanilla Sauce

4 c. (8 slices) cubed white bread
1/2 c. raisins
2 c. milk
1/4 c. butter
1/2 c. sugar
2 eggs, slightly beaten
1 T. vanilla
1/2 t. nutmeg
Sauce:
1/2 c. butter
1/2 c. sugar
1/2 c. firmly packed brown sugar
1/2 c. whipping cream
1 T. vanilla

Preheat oven to 350. Combine bread and raisins in large bowl. Combine milk and 1/4 c. butter in saucepan. Cook on medium heat until butter is melted (4-7 minutes). Pour milk mixture over bread. Let stand 10 minutes. Stir in remaining pudding ingredients. Pour into sprayed 1 1/2 qt casserole. Bake 40-50 minutes or until set in center. Combine all sauce ingredients except vanilla in saucepan. Cook over medium heat stirring occasionally until mixture thickens and comes to a full boil (5-8 minutes). Stir in vanilla. Spoon warm pudding into individual bowls and spoon sauce over top. Store refrigerated.