I heard the same rumour but it's been pretty heavily dismissed on Reddit. Apparently some professor or higher-up has to approve the web pages. Having just finished university I was never given the opportunity to randomly create a page using my universities URL. The branding backlash could have been catastrophic.

I didn't go to a uni anywhere near as good as MIT though, and the disproving of this came from Reddit, so make of it what you will, but I don't think it's a hoax.

Good post @bunabit