On the stove, heat the milk over medium heat until almost boiling (180 degrees F). Do NOT boil. Remove from heat and add the butter. Stir to melt the butter. Allow milk and butter mixture to cool for 30 minutes.
While the milk is cooling, place raisins in a large bowl of hot water to soak. If there are loose stems present, remove them.
In a measuring cup, put yeast in ¼ cup warm water (105-110° F). This is very important because the water must be hot enough to activate the yeast but not too hot. Let sit for 5 minutes or until foamy.
In a large bowl, stir together the milk and butter mixture, eggs, and yeast mixture. Then mix in salt, sugar, and start mixing in flour, 1 cup at a time.
When dough is mixed together and forms a cohesive ball, knead the dough for about 5 minutes. Drain the raisins thoroughly and pat dry with paper towels.
Add raisins and nuts to dough. Knead the dough until the raisins and nuts are uniform throughout, adding additional flour if dough becomes too sticky. Lightly grease the bowl with cooking spray or vegetable shortening and cover dough with a tea towel. Place in a warm place.
Let dough rise for approximately one hour, or until doubled in size. Punch down and begin shaping the loaves.