Opacity and feather doesn't work at mask
Normally effects are applied before masks, but some aren't. For these effects it means that you need to precompose the layer with the effect applied, and then apply the mask to the precomp. I don't know why, it's pretty certainly a bug, but Colorama is one of those effects. 

Turn off Colorama and your masks should start behaving normally. So what you need to do is pre-comp the layer with the effects on it, but not the masks (just select the masks and ctrl/⌘-x to cut, then precomp the layer choosing "Move all the attributes into the new composition", then paste the masks back).