I agree with you. From what I understand, Judge Walrath is encouraging the parties to reach some sort of settlement agreement and she's showing some signs of favorability to WAMU.
If anything, I suspect that Judge Walrath is very much aware of the potential implications (and the skeletons that could very well come out of JPM's closet) associated with granting the Rule 2004 Motion - she may be doing JPM a favor by helping them avoid the bad press for a month while the parties reach a settlement.