Steering and Transmission Problems

I hope this is the correct forum to post these questions in. I have two problems, one dealing with my brakes/steering and one dealing with my automatic transmission.

Vehicle: 1990 Ford Thunderbird
Transmission: Automatic 4-speed

Problem 1:
For the past month or two, I have noticed a strange problem with my braking. Whenever I brake, especially when braking from a relatively high (60-over) speed, my steering will will shake left and right. The faster I'm going when I brake, the more it shakes. During braking, when my steering wheel is shaking, it also feels very loose... that is, I can turn it quite a bit without the wheels turning. (It steers fine when not braking)

Also, more recently, when I reach higher speeds (60-over) my wheel will also start vibrating. Not nearly to the intensity as when I brake, however.

My power steering fluid level is just fine.

Problem 2:
I have a 4-speed automatic transmission. Recently, it has been slipping into neutral. This tends to occur when I brake somewhat hard, brake from a somewhat high speed, or when I brake hard and don't come to a full stop (almost come to a complete stop, let up off the brake, and then press the accelerator)

Because of this problem, I have gotten into the habit of shifting into neutral when stopped at a light, or when slowing down to a stop. But sometimes this problem becomes a pain, especially when people behind me don't understand why I'm don't start moving immediately at a green light.

This only happens from a stop, I have not noticed it happening when driving.

My transmission fluid level is fine, unfortunately... I was hoping that was the problem.
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Sorry for the long post, but I tried to be as descriptive as possible. Any suggestions would be appreciated!

Problem 1: Your brake rotors have the very common problem called warping. I don't call it warping for reasons locked in the depths of science, but warping describes it well. When you hit the brakes it causes a very noticable shake in the steering wheel or pulsating stopping power. The fix is to have your rotors turned, new pads installed, and properly break in the new pads. That is essential, otherwise you'll be back to square one very shortly.

Problem 2: Honestly sounds like the transmission needs some service. Normally when you describe those symptoms I say that its time for a rebuild, but since you say its worse during heavy slosh times like braking, I might be something else...

You didn't say how many miles are on the car, but that is very important. If you say 60k I would suspect a clogged filter or burned fluid. If you say 170k, I would say its past time for a rebuild and you're lucky it made it as far as it did.

Is the fluid red? Does it smell burnt? When was its last service?

The car has about 121k on it, and is due for an oil change in about 700 miles, so that will probably be a good time to discuss the other stuff.

The last time the car was serviced (nothing has been done to the transmission since I bought it) was when I first bought it, around August or September 2005. I had new shoes placed on it, the drum brakes were replaced, and the suspension had some work done (I don't remember exactly what. Rackin pinion was replaced, I believe, and there were some bearings replaced.

I do not remember the color of the transmission fluid. I checked it a few days ago and the level was normal (I checked it cold.. my manual said I COULD do that, but that it wasn't as accurate)

Sorry to double-post, but does anyone have any more suggestions based on my above added information?

Also, if the fluid checks out normal COLD, should I still check it hot, or is there not that much difference in accuracy?

Oh..and do anti-slip fluids actually work?

I think it might slip during driving too... it's hard to tell while you're driving.

I am in a auto fundemtal class and need help answering questions because I no longer have the book to look them up. Will anyone help me

Problem- 1
Maybe duff ball joints and/ or wheel bearings.
Problem-2
Automatics are Satans own devices. Therefore, they are beneath my consideration.

Sorry to double-post, but does anyone have any more suggestions based on my above added information?

Also, if the fluid checks out normal COLD, should I still check it hot, or is there not that much difference in accuracy?

Oh..and do anti-slip fluids actually work?

I think it might slip during driving too... it's hard to tell while you're driving.
Curtis provided excellent advice in his post. IMO you should follow it.

You had the rear brakes serviced (drums) but not the front ones.

Have the rotors removed and machined. Replace them if the brake mechanic says they are too thin or rusty. Replace the pads, too, even if they look okay. Used pads on machined/new rotors is asking for trouble.

As for the transmission, in my experience about half of all transmission shifting problems can be repaired by a transmission service.
Remove the trnamission pan, clean it out and replace the filter.

Make sure pan magnet is in the pan. Usually its approx 2 inch round disc, approx. 1/8 inch thick, or so. For some reason, mechanics love to throw these things away, but they are an important part of the transmission's filter system. If its missing from the pan, have the mech put one in.
Also if the fluid/pan is very dirty, have them flush the trans.

Avoid a quickie service where they suck out the old fluid without dropping the pan. You should drop the pan to inspect the amount of debris in there.

Please get this done, tell us how much debris was in the pan, drive it (allow about 100 miles or so for the problems to resolve themselves) and let us know if the problem is still there.

BTW avoid transmission additives. Usually they are no substitute for proper repairs/maitenance.