JPMorgan was not available to comment on the report.
As part of a larger settlement with Washington Mutual's bondholders, JPMorgan can claim $1.4 billion of funds in the FDIC receivership to protect itself against exposure to mortgages that WaMu serviced, the Journal said.
Washington Mutual Inc
On March 12, Washington Mutual agreed to split the two potential tax refunds with JPMorgan and the FDIC.
WaMu agreed to receive $900 million of a $2.6 billion expected return, with the rest going to JPMorgan. A second $2.6 billion return will be bring in $1.04 billion for Washington Mutual with the rest going to the FDIC.
(Reporting by Anuradha Ramanathan in Bangalore; Editing by Dan Lalor)