Once the yellow ABS warning light turns on there will be a diagnostic fault code set in the computer. When the red light also turns on that will turn the yellow one on too. The red one means the brake fluid level in the reservoir is low, there's unequal pressures in the two hydraulic circuits, or the parking brake is not fully released. With any of those conditions the ABS Computer knows it won't be able to operate properly so it turns the system off and turns the yellow light on to tell you.
Ford has always had a real lot of trouble with sticking parking brake cables. That can prevent the pedal from fully releasing and the red light will stay on. You can identify that by pulling up on the pedal while pulling the release handle. If the brake fluid is low do not fill it. Add just enough to make the red light turn off, then have the brakes inspected. The level will go down when the front brake pads are worn to the point of needing replacement or when there's a leak in the system.
Monday, April 8th, 2013 AT 9:22 PM