  We briefly review the microscopic modeling of black holes as bound states of
branes in the context of the soluble D1-D5 system. We present a discussion of
the low energy brane dynamics and account for black hole thermodynamics and
Hawking radiation rates. These considerations are valid in the regime of
supergravity due to the non-renormalization of the low energy dynamics in this
model. Using Maldacena duality and standard statistical mechanics methods one
can account for black hole thermodynamics and calculate the absorption cross
section and the Hawking radiation rates. Hence, at least in the case of this
model black hole, since we can account for black hole properties within a
unitary theory, there is no information paradox.
