CIM was spun-off as a seperate company becasue it invests in non-agency paper, where as NLY was to remain 100% agency.
The future of Freddie/Fannie and especially whether or not the govt. continues to provide some form of guarantee of MBS will point the way for any business changes within NLY.
Whatever changes happen within the MBS industry, it will likely take a few years to implement. I wouldn't worry about that just yet. Rising short-term rates would be the first thing to come, and even that probably won't happen this year.