samba - Feb 2013 - cifs: no control over file permissions

Hi everyone

This one is driving me crazy.

Every file that is created in a cifs mounted share is ALWAYS created 0777:
-rwxrwxrwx+

Here is my smb.conf tested with 4.0.3 and 4.1.0pre1-GIT-efd60ae:

[global]
         workgroup = MARINA
         realm = hh3.site
         netbios name = HH1
         server role = active directory domain controller
         dns forwarder = 192.168.1.1
         idmap_ldb:use rfc2307 = Yes
         unix extensions = Yes
         panic action = /home/steve/samba-master/selftest/gdb_backtrace %d

[netlogon]
         path = /usr/local/samba/var/locks/sysvol/hh3.site/scripts
         read only = No

[sysvol]
         path = /usr/local/samba/var/locks/sysvol
         read only = No

[home2]
         path = /home2
         read only = No

I mount [home2] like this:
mount -t cifs //server/home2 /mnt -orw,sec=krb5,multiuser

Now, any file created under /mnt always has universal rw.

Creating a file in the unmounted share works fine. Files are created 
-rw-r--r-- as expected.

Can anyone see what I'm doing wrong?

Thanks,
Steve