Index: wp-includes/pluggable.php
===================================================================
--- wp-includes/pluggable.php	(revision 19998)
+++ wp-includes/pluggable.php	(working copy)
@@ -433,6 +433,7 @@
 	try {
 		$phpmailer->Send();
 	} catch ( phpmailerException $e ) {
+		do_action( 'wp_mail_fail', new WP_Error( $e->getCode(), $e->getMessage() ) );
 		return false;
 	}