1996 Ford Thunderbird Massive Coolant Leak 4.6 litre

Hi all I have 1996 Ford with the 4.6 litre engine. On the way home from work while driving at freeway speed I got a low coolant warning. I quickly pulled off of the highway and shut engine off. There was coolant pouring out from the back bottom of the engine. I towed it home and have put it up on ramps to get a closer look. I can see water coming from the area between the transmission and the back of the engine .There is no coolant leak up high on the motor that I can see, It is nice and dry. I started it up and the water pours out between the end of the oil pan flange and the trans. bell housing. When it is idling there is a lot of steam out of the tailpipes. Water is dripping out of the mufflers.