Status of Microscopic Modeling of Black Holes by D1-D5 System

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.