Check your brake fluid level in the reservoir. If it'* low, ABS and Traction Control will bail out on you and turn on the warning lights. Just having fluid in the reservoir isn't good enough; it needs to be up close to the full mark.

Just guessing here, but if slamming on the brakes once or twice is enough to get the ABS functioning again, it may be because you're sloshing the fluid in the reservoir just enough to get the low-fluid sensor wet and turn it off.

The most common problem for the ABS light to stay is a damaged or disconnected Wheel Speed Sensor at the Wheels! The wiring harness gets damaged over time by all the turns the vehicles does (the wire streches, becomes brittle, then breaks). I would look at the wire that leads to the sensor on the wheels first & look for damage. If it is damaged a jumper wire may be available for the repair. At the very worst, you will need a whole new Hub Bearing Assembly with Sensor to fix the problem.

I'm getting more and more familiar with ABS problems....Some may remember about 4 weeks back when I mentioned I was also getting the "LOW TRAC" light, followed by the chime and the solid ANTI-LOCK light indicating a malfunction.... my trusty mechanic advised that it was a "faulty" replacement wheel bearing/ABS sensor assembly (replacing the right front wheel assembly that was bad when I purchased the car.) It was replaced 12/20. Last Friday (1/3) I was driving to work in the snow, and about 1/4 mile from my destination my ABS failed YET AGAIN, with the same symptoms.

Hey 'Rat....when a wheel bearing assembly is replaced, does anything special have to be done to prevent malfunction? If the problem is the same this time as last (and I suspect it is) I'm thinking that the problem is with the installation.

Not necesarily...It could any of the FOUR wheel sensors causing this problem, not just the same one you got replaced. I'm assuming that only ! got replaced before that is not all 4!
As for "preventing" a "malfunction" well NO there isn't anything you can short of parking the car & not driving it ever again, sorry.

Here'* a TSB on Hub Bearings that may help you too:
http://www.friedpoodle.com/ba/viewtopic.php?p=1688#1688

Let me rephrase my question....
Is there something special that needs to be done DURING INSTALLATION to prevent premature malfunction of the wheel bearing/ABS sensor unit???

Does the TSB cover later models as well?