No, it really isn't. Blacks have been (and to some extent still are) oppressed by the majority. The word "nigger" is an artifact of the oppression. It was used as a weapon against them.

Fraternities, however, have never been oppressed. Occasionally, they have been in the position of power (being a white-boys-club), with documented cases of people hiring brothers preferentially.

You're not doing a very good job here of dispelling the stereotypes people have of fraternity members.

Fraternity membership is voluntary. Race isn't. "Frat" is not analogous to a racial slur.

When the actions of frats start to reflect the respect deserved by their full name, then we will worry about it.

Disclosure: Was president of ATO at a major university.