Um, thats a misreading of the old Bloomberg report that invented the $7.7 trillion figure. Actual loans appear on the Fed balance sheet. The Fed offered 7.7 trillion in loan guarantees over a period of time, many of which were quickly wound down, which is a very different matter. The Fed currently has a balance sheet of $2.8T: 1.6T is government loans, about 1T are mortgage backed securities from the 2008 crisis.

See http://m.washingtonpost.com/blogs/wonkblog/post/no-the-fed-d...

and

http://www.econbrowser.com/archives/2011/12/777_trillion_in....