As some people have noticed, fetching mail from Hotmail / live.com accounts does not work out of the box.
For this to work, the hotmail account needs to have "POP" enabled. To do this, login to your hotmail account, click the gear icon in the top right corner, then select "Full settings".
In the "Mail" section, click "Sync email". Enable POP for the account and select if you want to let the client (KEEP) remove the mails.
Please see the image for details.
/PA