Dmesg reports this error:

CIFS VFS: cifs_mount failed w/return code = -12

Manual mount attempts report this:

mount: mounting //192.168.1.1/share on /mountpoint failed: Cannot allocate memory

Solution:

Regedit on the Windows 7 machine and disable SMB2:

1) HKEY_LOCAL_MACHINE ->SYSTEM ->CurrentControlSet ->Services ->LanmanServer -> Parameters.

2) Create a DWORD with the name SMB2. Value 0