yum does not honor timeout=x for mirrorlists in RHEL 5

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Issue

yum fails to take into account the timeout=x value when using mirrorlists. yum will attempt to conect to a mirrorlist taking some 3 minutes before it decides it cannot conect. If we use baseurl this honors the timeout parameter.
Can we please have yum honout timeout for mirrorlist else please create a another variable to allow us to set timeout for mirrorlist.

Environment

Red Hat Enterprise Linux (RHEL) 5
yum prior to version 3.2.22-37.el5

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