If anything, my fraternity was homophobic. This was addressed at the last convention I attended as some gay brothers from other chapters came out while being active members. Some of the actives in my chapter actually drove a really good brother away because he came out while being active. Unfortunately, he picked the worst guys in the chapter to come out to. Since graduating, 3 other brothers have also come out that I know of. It wasn't surprising to me that they waited until after finishing school to openly declare their sexuality after witnessing what happened to the brother that came out while being an active member.
I agree with what the other guys said about initiations not being homoerotic/gay. This is simply the product of overactive immaginations, and really bad porn. If you were in a fraternity, you would know that you are never to talk to non-brothers about what happens in the house over initiation weekend. While I could never disclose to anyone (including my wife) what happened, I can asure you that nothing remotely "gay" went on during my initiation. Taking a shower and changing your clothes in front of other guys over initiation weekend is no different from changing your clothes or taking a shower in front of other guys in a gym locker room, and there is nothing "gay" about that.