Brake Antilock Control Unit/module problems of the 1999 BMW 528

My asc and abs warning lights came on, lost speedometer. Took to BMW mechanic who read codes and it read rear wheel speed sensor. Replaced sensor and speedometer did not work. Continued with mechanic on looking for solution and he concluded after talking to other BMW mechanics and going over the symptoms that it is the abs controller that failed. So I have no abs or traction control of speedometer until I can fix this. Major safety issue.

Abs controller failure. Speedometer stops working, odometer frozen, fuel gauge inoperative, no automatic steering control, no abs protection for emergency stops. Known common problem yet BMW, to date, has issued no recall that I know of, as cars are out of warranty.

Safety system failure - abs and anti-skid control module. This apparently is a chronic failure for BMW 5 series cars from the 1997 to 2002 model years that occurs at approximately 70,000 miles. The abs and asc lights both light and within a short time after the speedometer and odometer stop working. No anti-lock brakes and non-working skid control, plus not knowing your speed is unsafe and costs over $1000 to fix.