In this case the Fed is buying mortgage backed securities so the new money goes to whomever owns or holds those.
One good source of information on the details of the operations of the Fed would be G. Edward Griffin's meticulously researched The Creature From Jekyll Island which reviews the history of central banking in America going back to the creation of the Continentals which were used to pay the troops who fought the British as early as 1775.
Griffin goes into detail at every stage of the struggle to end the national banks under Jefferson and Jackson but suggests you can read the first and last pages of each chapter if you want and then the chapters for more detail.
The most revealing aspect is the creation of the current Federal Reserve System by J.P. Morgan and his banker friends at a secret meeting at his duck lodge off the coast of Georgia in 1910 where they wrote the Federal Reserve Act of 1913 which became law signed by Woodrow Wilson who lived to regret it when he realized what he had done.
It is hard to find a small number of books to recommend to someone new to the pro freedom movement but this makes my list. As does Ayn Rands Atlas Shrugged and her newsletter The Objectivist Newsletter and Tom Wood's Nullification.
No Man's need constitutes an obligation on the part of another man to fulfill that need.
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