Brake Master Cylinder problems of the 2003 Chevrolet 1500

I approached an intersection where my traffic light signal was red and I had sudden loss of braking in my 2003 silverado c1500, with no prior indication or warning lights. The brake pedal went very low and I could not stop my vehicle before entering the intersection. I steered to the right of two waiting cars in front of me and came to a stop in the intersection beyond the light. Fortunately there were no vehicles coming at that moment on the 4 lane highway crossroad so a crash was avoided. All of the brake and fuel lines were inspected after the incident and found to be heavily corroded (rusted), with the rear brake line leaking about 2 inches from where it exits the abs unit under the cab. The master cylinder fluid level was normal and there were never any previous leaks, warning lights, or problems like this and I am the original vehicle owner. The visible level of corrosion seems extreme on the brake and fuel lines on this vehicle. Had I been in an accident, I would be concerned that fuel lines could also leak and increase the likelihood of a fire due to their likewise poor condition due to extreme rust.

Was attempting to back vehicle and camper trailer down inclined driveway when suddenly the brake pedal went completely to the floor and I had absolute minimum braking force. Was able to stop vehicle before it and trailer went over the hill, (an approximate 15 - 20 foot drop if it had occurred). Upon inspection I found brake fluid on the driveway. Upon further inspection I discovered that a brake line leading from the master cylinder to the abs controller was leaking. Upon further inspection I found that all the brake lines were severely corroded and ready to fail. I cannot believe how much rust is present on the brake lines and the fuel lines. This appears to be a major accident waiting to happen.