I think that you have not put the bobbin in correctly or threaded the machine correctly. 'Nests' are usually caused by bobbins in most machine. The other thing it to hold both threads behind the foot when you start to sew. You can download an instruction booklet for the Featherweight
http://www.singer-featherweight.com/sit ... ingfea.pdf. You have a wonderful machine to sew with and little can go wrong with it.
Welcome. You will find lots of help here. Good luck with your sewing adventures. I sewed on a Featherweight for many years (it was my grandmothers - I am 70 yrs old myself) and it went with me all through my university days and for many years after. I traded it in to get a machine that will zigzaz when I started to sew stetch and knit fabrics for my first baby. Several years ago I purchased another FW as I missed my original so much. I have taken it with me when I travel to see my grandchildren and sew for them where they live.
I recall one web site you can check out -
http://www.featherweightfanatics.com/ - this site can also tell you how tell you when your FW was made. Have fun and come back and tell us how you make out.