diff -r 7e86b296deeb Lib/unittest/mock.py
--- a/Lib/unittest/mock.py	Fri Mar 13 16:21:29 2015 -0500
+++ b/Lib/unittest/mock.py	Sat Mar 14 01:08:04 2015 -0300
@@ -506,7 +506,8 @@
         if delegated is None:
             return self._mock_side_effect
         sf = delegated.side_effect
-        if sf is not None and not callable(sf) and not isinstance(sf, _MockIter):
+        if (sf is not None and not callable(sf) and not isinstance(sf, _MockIter)
+                and not _is_exception(sf)):
             sf = _MockIter(sf)
             delegated.side_effect = sf
         return sf
diff -r 7e86b296deeb Lib/unittest/test/testmock/testmock.py
--- a/Lib/unittest/test/testmock/testmock.py	Fri Mar 13 16:21:29 2015 -0500
+++ b/Lib/unittest/test/testmock/testmock.py	Sat Mar 14 01:08:04 2015 -0300
@@ -173,6 +173,10 @@
         self.assertEqual([mock(), mock(), mock()], [3, 2, 1],
                           "callable side effect not used correctly")
 
+        mock = create_autospec(f)
+        mock.side_effect = ValueError('Bazinga!')
+        self.assertRaisesRegex(ValueError, 'Bazinga!', mock)
+
     @unittest.skipUnless('java' in sys.platform,
                           'This test only applies to Jython')
     def test_java_exception_side_effect(self):