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Typically, the metal pieces in the brake pads get into the reluctor wheel and sensors. To fix this issue, you will have to take the wheel, caliper and hub/rotor off to clean the reluctor wheel. You can then clean the metal bits from the sensor, which goes in from the back side of the spindle.
The fact that the ABS light comes on means the ABS has a fault that needs to be checked, but you still have brakes.
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Regards
Warren
Currently 1965 220Sb, 2002 FORD Crown Vic Police Interceptor
Had 1965 220SEb, 1967 230S, 280SE 4.5, 300SE (W126), 420SEL
ENTER > = (HP RPN)
Not part of the in-crowd since 1952.
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