All of the sudden, the brake pedal is very mushy and goes almost to the floor. Nothing seems to be leaking. Car does stop, no noises but pedal pressure is real low. What would cause this?
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If there are no sign of leaks at the calipers or hoses,either the master is leaking(unbolt from booster and see if its wet on the back around the piston),or a brake hose is swelling .If its a hose its a great time to upgrade to braided lines.
As someone noted, this usually denotes the master is internally pypassing fluid instead of developing pressure, and no external leak is seen. The master cylinders for both brakes & clutch are usually considered un-repairable and no overhaul kits are available. Due to liability troubles, the unit is sold by Benditalia (Bendix of Italy) only as a complete assembly with new master cylinder AND booster. It is available from most Pantera vendors and also from your local Ferrari dealer... needless to say, they ain't cheap! IMHO, this's why the vendors developed all the aftermarket brake systems available today. I also suggest replacing the stock rubber brake lines, as they reached the end of their service life around 1990.
Time for a NEW brake Master cyl.!