Line 4 (9-inch) round cakepans with wax paper; coat pans with cooking spray. Set aside.
Beat butter at medium speed with an electric mixer until creamy; gradually add sugar, beating well. Add jam, beating until blended. Add eggs, 1 at a time, beating until blended after each addition.
Combine flour and next 3 ingredients; add to butter mixture alternately with buttermilk, beginning and ending with flour mixture. Beat at low speed until blended after each addition. Stir in pecans and raisins. Spoon batter evenly into prepared pans.
Bake at 350° for 25 to 28 minutes or until a wooden pick inserted in center comes out clean. Cool in pans on wire racks 10 minutes; remove from pans, and cool on wire racks.
Prepare the Finishing Glaze. While the Finishing Glaze cools, prepare the Soaking Glaze.
Place 1 cake layer, upside down, on a cake plate. Prick layer with a small paring knife, making holes about 1/4-inch apart. Spoon a scant 1/2 cup Soaking Glaze, about 2 tablespoons at a time, into middle of cake layer. Spread glaze into cake in a circular motion after each addition, using a large spoon.
Spoon 1 cup Finishing Glaze onto cake layer, about 1/4 cup at a time, using same procedure as for applying Soaking Glaze. (Finishing Glaze will overflow onto sides.)
Repeat procedure with remaining cake layers and glazes. Spoon remaining Finishing Glaze over top of cake allowing to flow down sides. Let cake stand until glaze becomes firm.
Note: Cake can be prepared up to two days ahead, if desired.
Tip: If you want a clean cake plate, slip strips of wax paper (approximately 3 inches wide) between the edge of first cake layer and cake plate before applying glazes. Allow glazes to become firm, but not hard, before removing strips. However, we didn't mind the drips.