Without --disable-debugger,  starting sbcl as in make-host-2.sh I get

../sbcl-binary/run-sbcl.sh --no-sysinit --no-userinit < make-host-2.lisp
(running SBCL from: ../sbcl-binary)
This is SBCL 1.2.7, an implementation of ANSI Common Lisp.
More information about SBCL is available at <http://www.sbcl.org/>.

SBCL is free software, provided as is, with absolutely no warranty.
It is mostly in the public domain; some portions are provided under
BSD-style licenses.  See the CREDITS and COPYING files in the
distribution for more information.
* 
5
* target features *SHEBANG-FEATURES*=(:SB-CORE-COMPRESSION :OS-PROVIDES-POLL
                                      :OS-PROVIDES-GETPROTOBY-R
                                      :OS-PROVIDES-SUSECONDS-T
                                      :OS-PROVIDES-BLKSIZE-T :OS-PROVIDES-PUTWC
                                      :OS-PROVIDES-DLADDR :OS-PROVIDES-DLOPEN
                                      :LITTLE-ENDIAN :LINKAGE-TABLE
                                      :SYMBOL-INFO-VOPS :ASH-RIGHT-VOPS
                                      :MULTIPLY-HIGH-VOPS :MEMORY-BARRIER-VOPS
                                      :PRECISE-ARG-COUNT-ERROR
                                      :INLINE-CONSTANTS :CYCLE-COUNTER
                                      :ALIEN-CALLBACKS
                                      :STACK-ALLOCATABLE-FIXED-OBJECTS
                                      :STACK-ALLOCATABLE-LISTS
                                      :STACK-ALLOCATABLE-VECTORS
                                      :STACK-ALLOCATABLE-CLOSURES
                                      :RAW-INSTANCE-INIT-VOPS
                                      :UNWIND-TO-FRAME-AND-CALL-VOP
                                      :COMPARE-AND-SWAP-VOPS
                                      :C-STACK-IS-CONTROL-STACK
                                      :STACK-GROWS-DOWNWARD-NOT-UPWARD :GENCGC
                                      :LARGEFILE :SB-FUTEX :LINUX :ELF :UNIX
                                      :X86 :IEEE-FLOATING-POINT
                                      :PACKAGE-LOCAL-NICKNAMES
                                      :SB-SOURCE-LOCATIONS :SB-EVAL :SB-UNICODE
                                      :SB-PACKAGE-LOCKS :SB-LDB :SB-SHOW
                                      :SB-DOC :SBCL :COMMON-LISP :ANSI-CL)
target backend-subfeatures *SHEBANG-BACKEND-FEATURES*=NIL
T
* 
#<PACKAGE "SB-COLD">
* 
"obj/from-xc/"

<skipped>

; compilation unit finished
;   Undefined type:
;     CODE-DELETION-NOTE
;   Undefined functions:
;     SB!C::DEBUG-INFO-FOR-COMPONENT SB!C::DEBUG-SOURCE-FOR-INFO DUMP-CHARACTERS-OF-STRING DUMP-MULTI-DIM-ARRAY DUMP-RAW-BYTES DUMP-SIMPLE-CHARACTER-STRING FIXUP-FLAVOR FIXUP-NAME FIXUP-NOTE-FIXUP FIXUP-NOTE-KIND FIXUP-NOTE-POSITION NATIVE-NAMESTRING STRING-TO-OCTETS
;   caught 74 WARNING conditions
;   caught 18 STYLE-WARNING conditions
;   printed 74 notes


; /var/tmp/portage/dev-lisp/sbcl-1.2.9/work/sbcl-1.2.9/obj/from-xc/src/compiler/dump.lisp-obj-tmp written
; compilation finished in 0:00:00.630

debugger invoked on a SIMPLE-ERROR in thread
#<THREAD "main thread" RUNNING {AF43971}>:
  FAILURE-P was set when creating "obj/from-xc/src/compiler/dump.lisp-obj".

Type HELP for debugger help, or (SB-EXT:EXIT) to exit from SBCL.

restarts (invokable by number or by possibly-abbreviated name):
  0: [RECOMPILE] Recompile file "src/compiler/dump.lisp"
  1: [CONTINUE ] Continue, using possibly bogus file "obj/from-xc/src/compiler/dump.lisp-obj"
  2: [RETRY    ] Retry EVAL of current toplevel form.
  3:             Ignore error and continue loading file "/var/tmp/portage/dev-lisp/sbcl-1.2.9/work/sbcl-1.2.9/src/cold/compile-cold-sbcl.lisp".
  4: [ABORT    ] Abort loading file "/var/tmp/portage/dev-lisp/sbcl-1.2.9/work/sbcl-1.2.9/src/cold/compile-cold-sbcl.lisp".
  5:             Exit debugger, returning to top level.

(COMPILE-STEM "src/compiler/dump" NIL :TARGET-COMPILE)
0] backtrace

Backtrace for: #<SB-THREAD:THREAD "main thread" RUNNING {AF43971}>
0: (COMPILE-STEM "src/compiler/dump" NIL :TARGET-COMPILE)
1: (IN-TARGET-CROSS-COMPILATION-MODE #<CLOSURE (LAMBDA NIL :IN TARGET-COMPILE-STEM) {D812D65}>)
2: ((LAMBDA NIL :IN "/var/tmp/portage/dev-lisp/sbcl-1.2.9/work/sbcl-1.2.9/src/cold/compile-cold-sbcl.lisp"))
3: (SB-INT:SIMPLE-EVAL-IN-LEXENV (LET ((REVERSED-TARGET-OBJECT-FILE-NAMES NIL)) (DO-STEMS-AND-FLAGS (STEM FLAGS) (UNLESS (POSITION :NOT-TARGET FLAGS) (PUSH (TARGET-COMPILE-STEM STEM FLAGS) REVERSED-TARGET-OBJECT-FILE-NAMES) (WARN-WHEN-CL-SNAPSHOT-DIFF *CL-SNAPSHOT*))) (SETF *TARGET-OBJECT-FILE-NAMES* (NREVERSE REVERSED-TARGET-OBJECT-FILE-NAMES))) #<NULL-LEXENV>)
4: (SB-EXT:EVAL-TLF (LET ((REVERSED-TARGET-OBJECT-FILE-NAMES NIL)) (DO-STEMS-AND-FLAGS (STEM FLAGS) (UNLESS (POSITION :NOT-TARGET FLAGS) (PUSH (TARGET-COMPILE-STEM STEM FLAGS) REVERSED-TARGET-OBJECT-FILE-NAMES) (WARN-WHEN-CL-SNAPSHOT-DIFF *CL-SNAPSHOT*))) (SETF *TARGET-OBJECT-FILE-NAMES* (NREVERSE REVERSED-TARGET-OBJECT-FILE-NAMES))) 2 #<NULL-LEXENV>)
5: ((FLET SB-FASL::EVAL-FORM :IN SB-INT:LOAD-AS-SOURCE) (LET ((REVERSED-TARGET-OBJECT-FILE-NAMES NIL)) (DO-STEMS-AND-FLAGS (STEM FLAGS) (UNLESS (POSITION :NOT-TARGET FLAGS) (PUSH (TARGET-COMPILE-STEM STEM FLAGS) REVERSED-TARGET-OBJECT-FILE-NAMES) (WARN-WHEN-CL-SNAPSHOT-DIFF *CL-SNAPSHOT*))) (SETF *TARGET-OBJECT-FILE-NAMES* (NREVERSE REVERSED-TARGET-OBJECT-FILE-NAMES))) 2)
6: (SB-INT:LOAD-AS-SOURCE #<SB-SYS:FD-STREAM for "file /var/tmp/portage/dev-lisp/sbcl-1.2.9/work/sbcl-1.2.9/src/cold/compile-cold-sbcl.lisp" {C89E711}> :VERBOSE NIL :PRINT NIL :CONTEXT "loading")
7: ((FLET SB-FASL::LOAD-STREAM :IN LOAD) #<SB-SYS:FD-STREAM for "file /var/tmp/portage/dev-lisp/sbcl-1.2.9/work/sbcl-1.2.9/src/cold/compile-cold-sbcl.lisp" {C89E711}> NIL)
8: (LOAD "src/cold/compile-cold-sbcl.lisp" :VERBOSE NIL :PRINT NIL :IF-DOES-NOT-EXIST T :EXTERNAL-FORMAT :DEFAULT)
9: (SB-INT:SIMPLE-EVAL-IN-LEXENV (LOAD "src/cold/compile-cold-sbcl.lisp") #<NULL-LEXENV>)
10: (SB-INT:SIMPLE-EVAL-IN-LEXENV (PROGN (LOAD "src/cold/compile-cold-sbcl.lisp")) #<NULL-LEXENV>)
11: (EVAL (PROGN (LOAD "src/cold/compile-cold-sbcl.lisp")))
12: (SB-EXT:INTERACTIVE-EVAL (PROGN (LOAD "src/cold/compile-cold-sbcl.lisp")) :EVAL NIL)
13: (SB-IMPL::REPL-FUN NIL)
14: ((LAMBDA NIL :IN SB-IMPL::TOPLEVEL-REPL))
15: (SB-IMPL::%WITH-REBOUND-IO-SYNTAX #<CLOSURE (LAMBDA NIL :IN SB-IMPL::TOPLEVEL-REPL) {AF3E1C5}>)
16: (SB-IMPL::TOPLEVEL-REPL NIL)
17: (SB-IMPL::TOPLEVEL-INIT)
18: ((FLET #:WITHOUT-INTERRUPTS-BODY-75 :IN SB-EXT:SAVE-LISP-AND-DIE))
19: ((LABELS SB-IMPL::RESTART-LISP :IN SB-EXT:SAVE-LISP-AND-DIE))

0] (SB-EXT:EXIT)
deleted #P"/var/tmp/portage/dev-lisp/sbcl-1.2.9/work/sbcl-1.2.9/obj/from-xc/src/compiler/dump.lisp-obj-tmp"
elrond sbcl-1.2.9 #

So, in fact, the real failure is in the binary sbcl-1.2.7 for x86 downloaded from the sbcl site.  It seems that it cannot write the result of compilation.