AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON JUNE 1, 2001

                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    Form 8-K
                                 CURRENT REPORT
          Pursuant to Section 13 of the Securities Exchange Act of 1934

                                  May 21, 2001
                Date of Report (Date of earliest event reported)

                             FORTUNE FINANCIAL, INC.
                             -----------------------
             (Exact Name of registrant as Specified in its Charter)

Florida                             000-6764                    59-1218935
(State or other jurisdiction        (Commission             (IRS Employer
 of incorporation)                   File Number)            Identification No.)

                            10475-103 Fortune Parkway
                           Jacksonville, Florida 32256
                    (Address of principal executive offices)

                                 (904) 363-6339
               Registrant's telephone number, including area code

                           Mobile America Corporation
          (Former name or former address, if changed since last report)
================================================================================

                              Item 5. Other Events

     Fortune Financial,  Inc.  announced that its primary operating  subsidiary,
Fortune  Insurance  Company,  has  consented to the  appointment  of the Florida
Department  of Insurance as Receiver  for  purposes of  rehabilitation.  Fortune
Insurance  Company  suspended  the  writing  of all  new and  renewal  insurance
policies on May 15, 2001 because of its inadequate  capital base. The Department
of Insurance will oversee Fortune Insurance  Company's  operations to ensure the
orderly  run-off  of the  Company's  existing  policies,  including  the  normal
processing of endorsements,  handling of customer service and payment of claims.
Fortune  Financial,  Inc. is continuing to evaluate  financing  alternatives  to
allow  resumption of its insurance  business  through one of its other insurance
subsidiaries.

A copy of the press  release  announcing  these  matters is  attached  hereto as
Exhibit 99.1 and incorporated herein by reference.




                                    Signature

     Pursuant to the  requirements  of the Securities  Exchange Act of 1934, the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned hereunto duly authorized.

                                   FORTUNE FINANCIAL, INC.


Date:  June 1, 2001                By: /s/  MARK P. BROCKELMAN
                                       -----------------------------------------
                                        Mark P. Brockelman
                                        Vice President & Chief Financial Officer


















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                                  Exhibit Index
                                  -------------

Exhibit         Description
- -------         -----------
99.1            Press Release on Fortune Insurance Company Agreeing to Voluntary
                Rehabilitation























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Exhibit 99.1
- ------------
                                                                    May 30, 2001
For Release:

FORTUNE INSURANCE AGREES TO VOLUNTARY REHABILITATION

Fortune Financial, Inc. announced that its primary operating subsidiary, Fortune
Insurance Company, has consented to the appointment of the Florida Department of
Insurance as Receiver for purposes of rehabilitation.  Fortune Insurance Company
suspended the writing of all new and renewal insurance  policies on May 15, 2001
because of its inadequate capital base. The Department of Insurance will oversee
Fortune  Insurance  Company's  operations  to ensure the orderly  run-off of the
Company's  existing  policies,  including the normal processing of endorsements,
handling of customer service and payment of claims.

Fortune  Financial,  Inc. is continuing to evaluate  financing  alternatives  to
allow  resumption of its insurance  business  through one of its other insurance
subsidiaries.

Fortune  Financial,  Inc.  is an  insurance  holding  company  headquartered  in
Jacksonville,  Florida.  Its property and casualty insurance  subsidiaries write
personal  nonstandard  automobile  insurance and homeowner's  insurance  through
independent specialty agents.

For further information, please contact:    Mark Brockelman
                                            Vice President and CFO
                                            Fortune Financial, Inc.
                                            10475-103 Fortune Parkway
                                            Jacksonville, FL 32256
                                 Telephone: 904-363-6339, ext. 2319
                                 E-mail:    MBrockelman@Fortune.net

Forward-Looking Statements
- --------------------------
Some statements made in this informational  release are  forward-looking  within
the meaning of Section 21E of the  Securities  Exchange Act of 1934, as amended,
and are made pursuant to the safe harbor  provisions  of the Private  Securities
Litigation Reform Act of 1995. Investors and prospective  investors are referred
to the Company's Form 10-Q for the quarter ended September 30, 2000 and its most
recently  filed  Form  10-K  for the year  ended  December  31,  1999 for a more
detailed  discussion  of the factors that could cause actual  results to differ.
The  Company  disclaims  any  intent  or  obligation  to update  publicly  these
forward-looking  statements,  whether  as a result  of new  information,  future
events or otherwise.



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