 Brake burn smell plus both red and yellow brakes lights are on.?
1993 Ford E-150 van Owner smell left rear being hot and saw some smoke, both the Rear Anti Lock light and brake light (red lamp) come on after very hard brake pedal push. Was told by Ford Dealer Service Department that the Axle Speed Sensor was the most common problem. Changed speed sensor on axle, no fix. Both rear shoes on each side are still good. What have I over looked?
Did check emergency brake cable and it is fine you can pull both drums off easily. Did not have to adjust the start wheel to remove the drums. Only slight resistance as the drums are being removed over the shoes.
Both lights kick on at the same time. Turn off the key then the system resets and both lights are off when you restart the van. They may come on real quick or not for quite a while.
Brake over heating, I am not finding what has caused that. Both sides the brake shoes are in almost new condition. The drums were not hard to remove and did not have a ridge. I bled the brakes and the fluid was light see through tan and there was no grit or visible water in the fluid.
Could the ABS Actuator some how keep presure applied to the system?
The owner did not notice any slowing down of the van when the brakes got hot.
Before, during and after the lights come on the brake pedal travel is not changed. The brake pedal travel stays the same. Verified pressure to the front brakes are working as well.
What am I missing and/or not understanding on this? | 
