The Fed made a loan.
The rest is your effort to conform the reality you see to the vocabulary of your belief system....kinda like a Marxist who turns everything into a discussion of the proletariat and the bourgeoisie.
On paper. In reality the Fed used Treasury dollars to buy bad debt from private owners. The reality is simple, dollars were printed, debt that was privately owned is now owned by the government. The government says it will sell the debt and repay the "loan" in 10 years. That's on paper, not part of reality, and certainly not predictable at the moment.
There will be more light on this subject upcoming, but J. P. Morgan does not have to repay that loan if assets are less than that. That is not a loan as the real world knows it.