On latest master, make HOST=arm-linux-gnueabihf in depends ends with:
/usr/lib/gcc-cross/arm-linux-gnueabihf/4.8/../../../../arm-linux-gnueabihf/bin/ld: /store/orion/projects/bitcoin/bitcoin-arm/depends/arm-linux-gnueabihf/lib/libXau.a(AuGetBest.o): relocation R_ARM_THM_MOVW_ABS_NC against `a local symbol' can not be used when making a shared object; recompile with -fPIC
/store/orion/projects/bitcoin/bitcoin-arm/depends/arm-linux-gnueabihf/lib/libXau.a: error adding symbols: Bad value
arm-linux-gnueabihf-g++ --version shows arm-linux-gnueabihf-g++ (Ubuntu/Linaro 4.8.2-16ubuntu4) 4.8.2