Drivers rear shock rusted off the wheel well causing wheel to snap and metal frame to hit the ground while I was traveling 40 mph. At this time the other wheels locked up and started squealing causing loss of control of vehicle shooting me across lanes and hitting curbs on both sides. This was heard all the way inside a church and they came running out. If I had not been able to gain control it would have flipped. The vehicle is available for inspection. It has not been reproduced or confirmed by a dealer or independent service other than the tow truck attendant telling me that the car need to be junk because it could not be repaired. The component has not been inspected by the manufacturer, or insurance company as it only has liability insurance. A police officer did show up on seen to direct traffic around vehicle and did see the issue but no report was taken. There was absolutely no indication that this was an issue until a few seconds before it snapped and that was the wheel started to wobble.