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From WebMD:

Eating foods that contain saturated fats can raise the LDL ("bad") cholesterol in your blood. Having a high level of LDL cholesterol increases your chance of clogged arteries (atherosclerosis), which can lead to coronary artery disease and heart attack.

Trans fats also are unhealthy. Try to avoid them as much as possible. Trans fat raises the level of bad LDL cholesterol and lowers the good HDL cholesterol in your blood.

HDL cholesterol is important. It helps clear the bad cholesterol from your blood so it does not clog your arteries. A high level of HDL can lower your risk of having a heart attack.

Remember, your body needs some fat to be healthy. Use the example below as a guide for eating less saturated fat.

In general:

No more than 10% of your daily calories should come from saturated fat. This is about 20 grams of fat in a 2,000-calorie diet.
No more than 10% of your daily calories should come from polyunsaturated fat. This is about 20 grams in a 2,000-calorie diet.
Monounsaturated fats can be up to 15% of your daily calories. This is about 25 to 30 grams in a 2,000-calorie diet.
If you're not sure how much fat you should be eating or how many calories you need each day to stay at a healthy weight, talk to a registered dietitian. He or she can help you create a plan that's right for you.

From the American Heart Association:

Saturated fat
Saturated fat is the main dietary cause of high blood cholesterol. Saturated fat is found mostly in foods from animals and some plants. Foods from animals include beef, beef fat, veal, lamb, pork, lard, poultry fat, butter, cream, milk, cheeses and other dairy products made from whole and 2 percent milk. All of these foods also contain dietary cholesterol. Foods from plants that contain saturated fat include coconut, coconut oil, palm oil and palm kernel oil (often called tropical oils), and cocoa butter.

From the National Medicine Library run by the National Inistitute of Health:

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Fat is one of the three nutrients (along with protein and carbohydrates) that supply calories to the body. Fat provides nine calories per gram, more than twice the number provided by carbohydrates or protein.

Fat is essential for the proper functioning of the body. Fats provide essential fatty acids, which are not made by the body and must be obtained from food. The essential fatty acids are linoleic and linolenic acid. They are important for controlling inflammation, blood clotting, and brain development.

Fat serves as the storage substance for the body's extra calories. It fills the fat cells (adipose tissue) that help insulate the body. Fats are also an important energy source. When the body has used up the calories from carbohydrates, which occurs after the first 20 minutes of exercise, it begins to depend on the calories from fat.

Healthy skin and hair are maintained by fat. Fat helps the body absorb and move the vitamins A, D, E, and K through the bloodstream.
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These are the biggest dietary cause of high LDL levels ("bad cholesterol"). When looking at a food label, pay very close attention to the percentage of saturated fat and avoid or limit any foods that are high. Saturated fat should be limited to 10% of calories. Saturated fats are found in animal products such as butter, cheese, whole milk, ice cream, cream, and fatty meats. They are also found in some vegetable oils -- coconut, palm, and palm kernel oils. (Note: Most other vegetable oils contain unsaturated fat and are healthy.)

I don't have access to my schools library website right now to look it up in journals, nor frankly do I have the time. My semester is over in two weeks and I have more important research to do.

Why is fat demonized? Because numerous studies have shown that people who eat diets that are lower in fat (not no-fat) are healthier and live longer lives and are less likely to be overweight. As noted above, fat provides 9 calories per gram, more than any other source of calories in food. Higher fat diets are also higher calorie.

Note that none of the links above said get rid of saturated fat, it said limit it to 10% or less of your calories. As noted above, your body needs fat to maintain health. Like everything, it is about balance. Get the right amount of the right kinds.